SpaceX Beats Revenue Forecast as Bitcoin Holdings Fall by $540 Million

SpaceX reported second-quarter revenue of $7.8 billion in its first quarterly results as a public company, topping Wall Street expectations of $6.9 billion. The Elon Musk-led space technology company also disclosed that the value of its digital assets fell to $1.10 billion as of June 30 from $1.64 billion at the end of 2025.

The result matters for crypto markets because SpaceX remains one of the more closely watched corporate holders of bitcoin. According to the SEC filing cited by CoinDesk, the company held 18,712 BTC through the quarter, even as the reported value of that position declined alongside a 33% drop in bitcoin over the same period.

SpaceX narrowed its net loss to $541 million from $1.0 billion a year earlier. Adjusted EBITDA nearly tripled to $3.5 billion, supported by growth across its launch, Starlink and AI businesses.

The company also spent $18.4 billion on capital expenditures during the quarter, above analysts’ expectations of $13 billion, as it continued investing in artificial intelligence infrastructure.

SPCX shares fell 6% after hours to $118 following the report, after closing the regular session nearly 10% higher. The earnings arrived less than two months after SpaceX’s $86 billion IPO and just ahead of an Aug. 6 insider share unlock, when roughly 912 million shares held by employees and early backers were set to become eligible for sale.