SpaceX first post-IPO earnings report

SpaceX, led by Elon Musk, released its first quarterly earnings report as a public company for the quarter ended June 30. The company reported revenue of $7.8 billion, up 92% year-over-year, beating analyst expectations of $6.93 billion. Net loss narrowed to $541 million, or 9 cents per share, less than half of what analysts had forecast. SpaceX — Starlink, the satellite internet unit, doubled subscribers to 12 million and accounted for over half of total revenue, with revenue up 66%. The AI business, including Xai, Grok, and X, saw revenue surge about 250% to $2.6 billion, though it posted a $1.3 billion operating loss. Capital expenditures ballooned to over $18 billion, with $15.83 billion invested in AI, and CFO Bret Johnsen indicated similar spending for the next couple of quarters. SpaceX shares fell about 7.5% in after-hours trading despite the revenue beat, as investors remained skeptical about the company's heavy spending and lofty promises. The stock has declined about 8% since its June IPO, and faces additional pressure from the upcoming lockup expiry on Thursday, which will release over 900 million shares for trading. The company also announced plans to reach a $100 billion revenue run-rate by December, and Musk projected reaching $1 trillion in revenue by 2030. SpaceX won over $6 billion in US government contracts in Q2, and signed compute lease agreements with Anthropic, Google, and Reflection. The company also partnered with Nvidia for its orbital compute satellites.