SpaceX reported a 92% increase in revenue to $7.8 billion in the second quarter, surpassing Wall Street's estimate of about $6.9 billion, according to fortune.com. This marks the company's first earnings report since its June Nasdaq debut. Despite the revenue surge, SpaceX posted a net loss of $541 million, or 9 cents per share, an improvement from a $1 billion loss a year earlier.
The company’s adjusted EBITDA nearly tripled to $3.5 billion in Q2. However, shares declined roughly 5% in after-hours trading following the earnings release. Investor concerns centered on SpaceX’s capital expenditures, which reached $18.4 billion in the quarter, with $15.8 billion attributed to its AI segment. This quarterly spending rate annualizes to $73.5 billion, well above the $48.7 billion consensus among analysts.
SpaceX’s stock has fallen about 50% from its peak price of $211 since its IPO on June 12, reflecting investor anxiety over the company’s heavy spending and slower-than-expected returns. The company is also expected to report a net loss of $1.9 billion for the first half of the year, exceeding last year’s $5 billion loss. Analysts remain divided on the timeline for SpaceX’s return to profitability amid ongoing investments in Starship rockets and satellite networks.
SpaceX’s next earnings update will be closely watched as insiders prepare to sell shares following the expiration of a lockup provision later this week, which could increase trading volatility, fortune.com reported.