SpaceX Tops Revenue Forecasts Yet Posts Losses Amid Bitcoin Holdings Decline

Woofun AI reports that SpaceX, Elon Musk’s space technology firm, delivered its inaugural public earnings on Tuesday, revealing a complex financial picture as it navigates its new status on Wall Street following its recent IPO. The debut quarter highlighted a divergence between operational growth and market sentiment, setting the stage for heightened scrutiny of its fiscal discipline.

Revenue reached $7.8 billion, surpassing the $6.9 billion consensus, driven by accelerated expansion across launch, Starlink, and AI businesses. This top-line strength helped narrow the net loss to $541 million, a significant improvement from the $1.0 billion deficit recorded a year earlier.

Structurally, adjusted EBITDA nearly tripled to $3.5 billion, indicating robust underlying profitability despite the headline loss.

Per Woofun AI, the company’s digital asset portfolio contracted to $1.10 billion by the end of the second quarter, down from $1.64 billion at the close of 2025. While the IPO filing disclosed 18,712 bitcoin (BTC) valued at $1.29 billion as of March 31—acquired for approximately $661 million—the latest report omitted specific coin counts or reasons for the decline. Market reaction was mixed; SPCX fell 6% after hours despite closing the session nearly 10% higher, contrasting with a 3.3% gain in the Nasdaq 100.

This earnings release arrives less than two months after the record-breaking $86 billion IPO and just ahead of a critical liquidity event on Aug. 6, when 912 million shares held by employees and early backers become eligible for sale. Although shares have recovered from their post-IPO slump, they remain nearly 50% below the $225 all-time high reached shortly after the June listing, signaling persistent valuation pressure.