SpaceX Beats Q2 Estimates; Bitcoin Holdings Drop $540M

SpaceX reported $7.8 billion in revenue for the second quarter, up 92% from a year earlier, in its first public quarterly filing since the company’s June initial public offering. The revenue exceeded analysts’ $6.9 billion estimate. The company recorded a net loss of $541 million, down from a $1.0 billion loss a year earlier, and reported adjusted EBITDA of $3.5 billion, nearly three times the prior-year figure.

Capital expenditures totaled $18.4 billion for the quarter, above the roughly $13 billion analysts had expected. The filing attributes the higher spending to Starship development and investments in artificial intelligence infrastructure. After the results, SpaceX shares fell as much as 6% in after-hours trading, trading near $118, compared with the IPO price of $135 per share.

The filing shows SpaceX held 18,712 bitcoin, valued at $1.10 billion on June 30, down from $1.64 billion at the end of 2025. The roughly $540 million decline represents about a 33% fall in the value of the company’s bitcoin holdings over six months. The company did not indicate any plan to sell those holdings in the report.

The filing highlighted revenue growth across the company’s launch business, Starlink internet service and AI-related work, while also outlining heavy near-term capital spending tied to infrastructure and vehicle development. Investors are tracking a planned lockup expiration on Aug. 6 that will free about 912 million insider-held shares and could affect supply and demand for the stock.