XSPC
SpaceX’s quarter had plenty of fireworks
SpaceX said its second quarter was basically a flex: revenue came in at $7.81 billion, way ahead of the $6.93 billion Street guess, while the company posted a smaller-than-expected loss of 9 cents per share. Not bad for a company that also says it’s juggling launches, Starlink growth, and an AI push all at once.
The business is getting bigger fast
The headline numbers were loud, but the details were louder:
- Revenue climbed 92% year over year
- Starlink subscribers doubled to 12 million
- Cloud service agreements hit $14.1 billion in contracted sales
- Backlog reached $47.5 billion
That’s the kind of backlog that tells you customers are still lining up, even if the market is in one of those moody “show me more” moods.
The market’s doing the “nice, but…” thing
Despite the beat, SpaceX stock fell 6.2% in after-hours trading to $117.56. So yes, the quarter looked strong on paper, but investors clearly wanted either even more sizzle or a cleaner path to profitability.
The company also said it ended the quarter with $100 billion in cash and cash equivalents, plus $1.1 billion in digital assets tied to bitcoin holdings. Translation: SpaceX isn’t exactly scraping together couch change to fund the next Starship test.
Big picture
SpaceX is starting to look less like a moonshot and more like a full-blown multi-engine machine. The catch? Public markets love growth, but they also love a reason to keep the celebration going tomorrow.