SpaceX beat Wall Avenue’s income and earnings expectations in its first quarterly report since its document IPO, giving the corporate a stronger monetary base for its accelerating synthetic intelligence enlargement.
In an Aug. 4 X put up, the agency revealed that its second-quarter income rose 92% yr over yr to $7.814 billion, exceeding the roughly $6.8 billion analysts anticipated. Adjusted EBITDA climbed 191% to $3.538 billion, effectively above consensus estimates of about $2 billion.
The corporate’s internet loss narrowed to $541 million from $1.008 billion a yr earlier, whereas its working loss improved to $143 million from $970 million.
IPO money piles into cash funds whereas Bitcoin holdings keep flat
The income beat got here as SpaceX directed most of its post-IPO liquidity into money-market funds and authorities securities whereas sustaining an unchanged Bitcoin stability.
Notably, SpaceX had generated $85.675 billion in internet proceeds throughout its document IPO, which helped carry its money, money equivalents and marketable securities to almost $100 billion.
SpaceX held $65.625 billion in money-market funds at June 30, greater than triple the $21.339 billion reported on the finish of 2025, in accordance with its SEC submitting.
The corporate additionally held $4.011 billion in authorities securities categorized as money equivalents and one other $6.487 billion recorded as marketable securities. Collectively, its money-market funds and authorities securities have been price $76.123 billion.
However, the agency’s reported Bitcoin place didn’t improve alongside that liquidity.
SpaceX held 18,712 BTC with a price foundation of $661 million at June 30, matching the quantity and price foundation reported on the finish of 2025.
The matching balances present that SpaceX reported no internet change in its Bitcoin place between Dec. 31 and June 30. The submitting doesn’t disclose transaction-level exercise, that means purchases and gross sales might have occurred in the course of the interval and offset one another earlier than quarter-end.
Nonetheless, the place’s honest worth fell to $1.098 billion from $1.637 billion in the course of the first half, producing a $539 million unrealized loss.
Regardless of the decline, the Bitcoin place remained $437 million above its reported price. It represented about 1.1% of SpaceX’s money, money equivalents and marketable securities after the IPO, down from roughly 6.6% at year-end.
AI absorbs many of the funding finances
SpaceX directed $15.828 billion into AI infrastructure in the course of the second quarter, greater than 21 instances the $749 million spent a yr earlier and about double the quantity deployed within the first quarter.
The AI outlay accounted for 86% of SpaceX’s $18.369 billion in whole quarterly capital expenditure. It additionally exceeded Wall Avenue’s $13.09 billion estimate for AI spending, at the same time as general capex got here in barely under the $18.58 billion anticipated.
Throughout the primary half, AI capital expenditure climbed to $23.551 billion from $3.316 billion a yr earlier. That represented almost 83% of SpaceX’s whole $28.476 billion funding in the course of the interval.
The spending helps SpaceX’s effort to construct large-scale knowledge facilities, lease high-demand computing capability to main know-how corporations and develop its personal AI fashions and coding merchandise.
That funding has already begun producing business returns. AI income reached $2.561 billion in the course of the quarter, pushed by computing agreements with prospects together with Google and Anthropic, alongside income from Grok and X subscriptions.
Chief Monetary Officer Bret Johnsen mentioned contracted compute deployments have been producing payback intervals of lower than one yr, permitting SpaceX to get better tools prices extra shortly than it does on launch websites and satellite tv for pc infrastructure.
Nonetheless, the estimate applies to particular compute contracts moderately than the AI division as a complete. The phase nonetheless recorded a $1.257 billion working loss, alongside $1.885 billion in depreciation and amortization and $2.178 billion in analysis and improvement spending.
SpaceX has signed $14.1 billion in cloud-services agreements and added one other $6.7 billion in contracts after the quarter ended.
Johnsen mentioned capital spending would stay at the same stage in the course of the ultimate two quarters of the yr, indicating that AI infrastructure will proceed absorbing many of the firm’s funding finances.
The part ought to join the selloff to each pressures with out claiming both one alone brought about it. It must also distinguish confirmed fairness shorting from two-sided crypto derivatives exercise.
SPCX struggles as $100 billion unlock meets crowded quick commerce
The earnings beat didn’t ease issues about SpaceX’s AI spending and the approaching improve in tradable SPCX shares.
With investor sentiment already below strain, consideration now turns to the provision overhang. On Aug. 6, insiders change into eligible to promote roughly 900 million shares price about $105 billion at present costs.
Tom Dunleavy, the Head of Enterprise at Varys Capital, mentioned the discharge would rank among the many largest lockup expirations in market historical past. The shares exist already, however the expiration might sharply increase the inventory obtainable for public buying and selling if workers and early buyers select to promote.
The Aug. 6 expiration can also be the primary stage of a broader improve in provide. Dunleavy mentioned one other block would change into eligible after SpaceX reviews third-quarter earnings, whereas further restrictions expire on Dec. 8.
By then, about 40% of SpaceX’s excellent shares could possibly be freely tradable, though Elon Musk’s stake stays locked till June 2027.
Brief sellers had already positioned for additional weak point. S3 Companions estimated that 95% of SPCX shares obtainable to borrow have been out on mortgage, whereas quick curiosity had reached 34% of the general public float.
Expectations of heightened volatility have been additionally seen in crypto derivatives markets. CoinGlass knowledge reviewed by yourcryptonewstoday confirmed SPCX futures quantity and open curiosity reaching their highest ranges because the contracts launched.
In response to the information, SPCX’s buying and selling quantity within the final 24 hours climbed to about $6.85 billion, whereas open curiosity approached $720 million.
Rising open curiosity doesn’t present whether or not merchants have been predominantly bullish or bearish as a result of every futures contract contains each lengthy and quick positions.
Nonetheless, elevated fairness quick curiosity, document derivatives exercise, and the approaching unlock point out that merchants are making ready for bigger value swings because the inventory’s tradable provide expands.
That has already translated right into a destructive value efficiency for SPCX, which has fallen to $114, which is about 15% under its $135 IPO value, 28% decrease over the previous month, and roughly 49% beneath its June excessive.
