SpaceX Reports First Public Earnings: Revenue Surges 92% to $7.8B, Stock Falls 8% After Hours on $18.4B Capex

SpaceX reported its first quarterly earnings as a public company after the close on August 4, delivering revenue of 7.8 billion dollars for the second quarter, a 92 percent increase from 4.1 billion dollars a year earlier and well above the 6.93 billion dollar consensus estimate. The company posted a loss of 9 cents per share, narrower than the expected loss of 26 cents, while adjusted EBITDA climbed 191 percent year-over-year to 3.5 billion dollars. Connectivity revenue, driven by Starlink, reached 4.3 billion dollars with 1.7 million net subscriber additions, bringing the total to 12 million subscribers. The company completed 78 launches in the first half of 2026 and delivered 1,041 metric tons of mass to orbit. Management said SpaceX expects to reach a 100 billion dollar annualized revenue run rate by the end of 2026. Despite the strong top-line beat, the stock fell 8.56 percent in after-hours trading to 114.60 dollars as investors digested the company's capital expenditure surge. SpaceX reported 18.37 billion dollars in capex for the second quarter, more than sixfold the prior year, with 15.83 billion dollars directed to AI infrastructure. The figure exceeded the 13.22 billion dollar analyst estimate and raised questions about the pace and returns of the company's heavy AI investments. With cash and equivalents of 93.5 billion dollars following the record June IPO, the company has the resources to sustain its spending, but the AI infrastructure arms race remains under scrutiny across the tech sector.