SpaceX exceeded Wall Street’s revenue expectations in its first results report since its initial public offering (IPO), although the value of its Bitcoin holdings fell by $540m over six months.
The Elon Musk-led company reported revenue of $7.8bn for the second quarter, a 92% increase on the same period last year. That was comfortably above the approximately $6.9bn analysts had expected, with growth accelerating across its launch operations, Starlink and artificial intelligence (AI) businesses.
SpaceX’s net loss narrowed to $541m, compared with $1bn in the year-earlier period. Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) almost tripled to $3.5bn.
The results were the company’s first as a public business after it set the price of its June IPO at $135 per share. The performance offered an early indication that the rocket manufacturer could deliver the financial discipline expected by public-market investors.
However, the filing also revealed a significant decline in the value of SpaceX’s cryptocurrency holdings. The company’s 18,712 BTC were worth $1.10bn on 30 June, down from $1.64bn at the end of 2025.
That represents a fall of about $540m, or roughly 33%, in the value of SpaceX’s entire Bitcoin reserve. The company did not indicate that it intended to sell the holdings.
SpaceX became the eighth-largest public Bitcoin holder when it joined the Nasdaq. Fortune has described the reserve as both a strategic cash asset and an accounting challenge, because changes in its value now appear in quarterly public-company filings.
Tuesday’s results marked the first time shareholders had seen the impact of that volatility in SpaceX’s reported financial figures. With Bitcoin trading at about $64,000, the reserve that had helped strengthen Musk’s reputation among cryptocurrency supporters is now weighing on quarterly results.
The Bitcoin holding remains small compared with SpaceX’s wider spending. Capital expenditure reached $18.4bn during the quarter, well above the roughly $13bn analysts had forecast.
That spending was the main reason SPCX shares fell by as much as 6% to about $118 in after-hours trading. The decline reversed almost all of the share’s gains during the regular session, when it had risen by nearly 10%. The stock is currently trading at $125.
SpaceX has continued to invest heavily in AI infrastructure while also funding development of Starship. The higher-than-expected capital expenditure therefore overshadowed the strong revenue performance in the immediate market reaction.
The company’s shares have experienced a difficult period since listing. SPCX rose by 8% during its opening week before slipping below the $135 IPO price. Even a successful Starship Flight 13 in late July had little effect on the share price.
The next major test for the stock comes on 6 August, when the expiry of a lock-up period will release about 912 million shares held by insiders. Traders had already been positioning for the additional supply before the fall following the earnings report.
For cryptocurrency investors, SpaceX’s decision to retain 18,712 BTC despite a 33% decline in value makes it one of the market’s most committed corporate holders. Its first earnings report as a public company also illustrates how Bitcoin’s price movements can affect the financial results of businesses that keep the cryptocurrency on their balance sheets.
Separately, Elon Musk rejected a Wall Street Journal report claiming Tesla had explored separating or selling its China business.
