SpaceX posted $7.8 billion in second-quarter revenue, its first earnings report as a public company, topping Wall Street estimates of $6.9 billion. A $540 million decline in the value of its bitcoin holdings weighed on the bottom line ahead of a major insider share unlock.
The rocket and satellite operator narrowed its net loss to $541 million for the three months through June 30, down from $1.0 billion a year earlier, CoinDesk reported. Adjusted EBITDA nearly tripled to $3.5 billion. Launch, Starlink, and AI businesses drove revenue growth.
Digital assets on the balance sheet stood at $1.10 billion at quarter-end. That is down from $1.64 billion at the close of 2025, a $540 million drop over a period in which bitcoin slid 33%. The company holds 18,712 bitcoin (BTC), per its SEC filing. Bitcoin traded at $64,120.75 at press time.
The filing does not disclose whether SpaceX realized any of those losses or is carrying a purely mark-to-market decline. The digital-asset markdown and the net loss are nearly identical figures. That is coincidence rather than accounting equivalence. The markdown sits below the line. The loss is reported.
This report landed less than two months after SpaceX’s $86 billion initial public offering, the largest on record. On Aug. 6, roughly 912 million shares held by employees and early backers become eligible for sale, a move that would expand the public float. That unlock now sits against the backdrop of a bitcoin drag on reported earnings.
Capital expenditure ran $18.4 billion during the quarter. That is above analyst expectations of $13 billion, directed at AI infrastructure. The spending points to a push beyond launch and Starlink into compute.
Shares gave back after-hours. SPCX dropped 6% to $118 in extended trading after closing the regular session nearly 10% higher. The Nasdaq 100 gained 3.3% the same day.
The earnings beat, the bitcoin markdown, and the unlock are three separate stories the market is pricing simultaneously. Traders, as ever, disagree on which one matters.
