[New York = E-Daily Correspondent Seong Joowon ] SpaceX, the space exploration company led by Elon Musk, reported revenue that exceeded market expectations in its first quarterly earnings report since its initial public offering (IPO) last June.
According to CNBC, Bloomberg, and Reuters on the 4th (local time), SpaceX announced in its second-quarter earnings report released after the market closed that day that it had recorded revenue of $7.81 billion (approximately 11.17 trillion won). This represents a 92% increase year-over-year and exceeded the market forecast of $6.93 billion, as compiled by the London Stock Exchange Group (LSEG). The net loss per share was 9 cents, a significant narrowing from the market’s expected loss of 26 cents.

Starlink and AI Businesses Drive Earnings

By business segment, the Connectivity division generated $4.29 billion in revenue, exceeding the forecast of $3.83 billion. This division, which includes the Starlink satellite internet service, is SpaceX’s only profitable business and its largest source of revenue. Bloomberg reported that the number of Starlink subscribers had doubled year-over-year to 12 million as of the end of the second quarter.
Revenue from the artificial intelligence (AI) segment came in at $2.56 billion, exceeding the forecast of $2.18 billion. The AI segment posted an operating loss of $1.26 billion, which was smaller than the market’s expected loss of $2.39 billion. Revenue from the Space division came in at $962 million, exceeding the forecast of $835 million.
Bloomberg reported that SpaceX has a multi-year contract with the U.S. government worth over $6 billion for Starshield, which provides secure and encrypted communications.

Net Loss Narrows… Capital Expenditures Expand

SpaceX’s net loss for the second quarter totaled $541 million. Reuters reported that this figure represents an improvement over the $1 billion loss recorded in the same period last year. Brett Johnson, SpaceX’s Chief Financial Officer (CFO), stated in the earnings report that revenue growth “accelerated across all business segments” and noted that new AI computing contracts—including the leasing of data center capacity to Google and Anthropic—contributed to margin expansion.
Capital expenditures (Capex) totaled $18.37 billion, which was in line with market expectations of $18.58 billion. Reuters reported that cash, cash equivalents, and marketable securities amounted to $100 billion as of the end of the second quarter.
SpaceX posted a net loss of $4.9 billion last year after making massive investments in AI infrastructure. Earlier this past February, the company merged with Musk’s xAI and presented the construction of space-based data centers as its new vision.

Stock Price Fluctuates After Earnings Announcement… Attention Turns to Conference Call

SpaceX’s stock price surged 9.4% during regular trading hours to close at $125.33. This marks its largest single-day gain since June 15 (when it jumped 20%). However, the price remains below its IPO offering price.
Since its IPO on June 12, SpaceX’s stock price has fallen 24% (based on the closing price on the 3rd), causing approximately $500 billion in market capitalization to evaporate. Reuters noted that these earnings could cause a fluctuation of up to $225 billion in the stock price, adding that investors are closely watching whether SpaceX’s valuation—currently at 77 times expected revenue—is justified.
In after-hours trading, the stock price showed volatility, rising more than 4% immediately after the earnings announcement before plummeting by around 6%.
SpaceX management is scheduled to hold a conference call starting at 4:30 p.m. today to discuss the earnings. CEO Elon Musk, President Gwyn Shotwell, and CFO Johnson will participate, and the market is paying close attention to the Q&A session regarding the status of Starship development and the possibility of a merger with Tesla.