SpaceX Reports First-Ever Public Earnings After Bell Today: Wall Street Eyes $6.9B Revenue, 26-Cent Loss, Starlink Margins; Lock-Up Expires Thursday

SpaceX reports its first-ever quarterly earnings as a public company after the closing bell on Tuesday, August 4, giving investors a detailed look at Elon Musk's rocket, satellite, and AI company after a rocky start to trading. Wall Street consensus projects $6.93 billion in Q2 revenue against an earnings per share loss of 26 cents, with the Connectivity segment (Starlink) expected to carry the heaviest load at $3.83 billion, followed by AI at $2.18 billion and the Space division at $835 million. SpaceX disclosed earlier this year that it lost $4.9 billion in 2025, largely due to hefty investments in artificial intelligence infrastructure. Shares have shed nearly 30 percent from their $150 market debut in June and remain down roughly 50 percent from their all-time high of $225.64, erasing close to $500 billion in market value. The Tuesday earnings report could help determine what happens next for the stock, though a big overhang still looms: on Thursday, August 6, the lock-up frees hundreds of millions of insider shares, roughly triple the current tradable float. Analysts are watching whether growth in Starlink and launch services can support the company's heavy investments in AI infrastructure, with Deutsche Bank noting that Starlink V3 satellites can be deployed on Starship even with partial reusability of the spacecraft. The stakes could not be higher for Elon Musk's space enterprise. With shares down sharply since the IPO, the market wants clear proof that Starlink's profits can offset the massive AI and rocket development costs. SpaceX spent $3 billion on research and development last year, specifically on its Starship launch vehicle program, and the Space segment generated only $619 million in revenue in the first quarter of 2026. Investors will be looking for a catalyst to reignite the stock, though the looming lock-up expiration on August 6 means that even a strong earnings beat may not be enough to stem near-term selling pressure. For full-year 2026, analy