SpaceX Releases Its Earnings Report, Beating Major Estimates Despite Stock Underperformance

Space Exploration Technologies Corp (SpaceX) reported Q2 2026 revenue of $7.81 billion, a 92% year-over-year increase and 12.7% above London Stock Exchange Group (LSEG) consensus estimates of $6.93 billion, despite a net loss of $541 million. The company's adjusted EBITDA of $3.53 billion nearly tripled from Q1 2026's $1.13 billion, driven by Starlink's $4.29 billion revenue and xAI's $2.56 billion annualized revenue, though SpaceX stock fell to $117.26 in after-hours trading, down from its IPO price of $150 per share.

Space Exploration Technologies Corp NASDAQ: SPCX has released its first-ever quarterly earnings report since going public in history’s biggest initial public offering IPO almost 2 months ago. Generally, the firm beat analysts’ forecasts despite also reporting a considerable loss. SpaceX Earnings Report of Q2 2026 The SpaceX earnings report shows that it attained a total revenue of $7.81 billion, which was a 92% increase year-over-year YoY from $4.07 billion. The figure also beat London Stock Exchange Group LSEG consensus estimates of $6.93 billion by 12.7%. Additionally, the company reported a net loss of $541 million due to heavy expenditures on space and artificial intelligence AI development. This was, however, a significant reduction from its Q2 2025 loss position of $1.01 billion. Losses per share also reduced to $0.09 from last year’s $0.34 and beat estimates of $0.23. Even more, SpaceX reported an adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization EBITDA of $3.53 billion. This beat the $2 billion expectation mark, and nearly tripled from the $1.13 billion reported in Q1 2026. Further breakdown Starlink internet service led the SpaceX profitability engine, contributing $4.29 billion to its revenue 66% increase YoY . Subscribers rose to 12 million in that quarter, expanding its footprint despite the average reduction in average revenue per user. Meanwhile, xAI’s annualized revenue surged 247% to $2.56 billion. Its growth was heavily boosted by external computing and data center leases to tech giants such as Google and Anthropic. Here, SpaceX notes that it spent $16 billion of its $18.37 billion capital expenditure on xAI buildouts. The core rocketry division remained in a pre-profit phase, due to massive investments in research and development of the Starship V3 vehicle program. Revenue experienced 29% annualized growth to $962 million as losses hit $542 million an improvement from the previous quarter’s $662 million . As for digital assets, the company disclosed that it still holds Bitcoin, but that its value had dropped to $1.10 billion from $1.64 billion at the end of 2025 due to market volatility. SpaceX stock price brief At its IPO, SpaceX stock traded at $150 per share, with the company raising an unprecedented capital of $75 billion. Further demand led stock prices to highs of $201.80 in mid-June, with a market cap peak of $2 trillion. However, stock prices began to plummet shortly afterwards, leading up to a price of $117.26 in the after-hours today, and a market valuation of $1.52 trillion. Despite this dip, SpaceX ranks the 9th most valuable globally, trailing the likes of Apple, Microsoft and Amazon. Source: MarketWatch That said, SpaceX is scheduled to unlock 911.5 million insider shares roughly 20% of the company’s total equity for public trading on Thursday. Historically, such events led to near-term supply shocks that negatively impacted stock prices.