SpaceX grew revenue 92% to $7.8 billion in the second quarter, powering past Wall Street’s consensus estimate of approximately $6.9 billion in what marks the rocket-and-connectivity giant’s first earnings report since its June debut on the Nasdaq.
The company reported a net loss of $541 million, or 9 cents a share—a marked improvement from a $1 billion loss a year ago and higher than the range of analyst estimates, which spanned from a loss of $1.26 per share to a gain of 33 cents. Adjusted EBITDA nearly tripled to $3.5 billion.
The results land at a pivotal moment for SPCX, which has tumbled roughly 50% from its peak stock price of $211 days after its IPO on June 12. Investor anxiety around capital expenditures and sluggish return on massive spending had weighed down tech stocks in recent weeks before markets staged a rally on Tuesday. SpaceX’s second quarter results, its first as a publicly traded company, are powering a stronger AI narrative with a n early $1 billion topline beat, Starlink’s subscriber base doubling year-over-year, and a flush of new cloud-computing contracts that catapulted the AI segment from a loss into positive adjusted EBITDA territory for the first time.
More immediately, the release of quarterly numbers will trigger the opening of a lockup provision that will allow pre-IPO shareholders to begin selling a portion of their holdings that could exert even more downward pressure on the stock. An even larger glug of insider selling will become possible after third-quarter results later this year, when roughly 900 million additional shares come unlocked—a block larger than the entire IPO issuance.
SpaceX will hold its earnings call at 4:30 ET.
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