SpaceX's inaugural quarterly earnings revealed 92% revenue growth to $7.8 billion, though spending jumped over 550% and the company posted a $2 billion net loss for the first half of the year.
SpaceX released its first-ever quarterly financial report following its June debut on the US stock market, showing significant top-line growth alongside substantial losses. The company reported revenue nearly doubled to $7.8 billion compared with the same period last year, but expenditures surged more than 550% to $18.3 billion, resulting in a $2 billion net loss during the first six months of trading.
The company's stock fell approximately 9% in after-hours trading following the announcement. However, Chief Executive Elon Musk expressed confidence during investor calls, asserting that market participants were "underestimating" the business. Musk pointed to Starlink, the satellite internet division, as the company's currently profitable segment, generating $1.6 billion in second-quarter revenue. He projected exponential growth ahead, stating it was plausible that Starlink could eventually "operate most of the world's internet."
SpaceX is also expanding into artificial intelligence services, offering computing power to clients including Google and Anthropic. The AI division currently generates $2.5 billion in quarterly revenue against $1.2 billion in losses. Musk indicated capacity would expand from the current 1.4 gigawatts to at least 10 gigawatts by next year through data centre development. Despite these emerging ventures, SpaceX's core rocket business posted a $542 million net loss on $962 million in revenue during the quarter.
Musk projected the company would reach $1 trillion in annual revenue by 2030, a year earlier than his estimate six weeks prior. SpaceX finance head Bret Johnson confirmed spending would remain at similar levels throughout the year. Despite this optimism, the stock has struggled since its June debut, trading below its original $135 per share price in recent weeks after briefly reaching $176.
