SpaceX revenue jumps 92% in first earnings report since IPO

- SpaceX shares fall around 6% in after-hours trading following financial results

SpaceX reported stronger-than-expected second-quarter revenue Tuesday in its first earnings release since going public, driven by growth across its satellite connectivity, space launch and artificial intelligence (AI) businesses.

The Elon Musk-led company generated $7.81 billion in revenue during the quarter, exceeding analysts’ estimate of $6.93 billion, according to data compiled by LSEG.

Revenue surged 92% from $4.1 billion in the same period last year.

SpaceX reported a loss of $0.90 per share, outperforming expectations for a significantly larger loss.

The results marked the first time the reusable rocket and satellite company reported its financial performance to public-market investors following its initial public offering in June.

The company’s connectivity segment, which includes the Starlink satellite internet service, remained its largest and only profitable business.

Connectivity revenue totaled $4.29 billion, surpassing the $3.83 billion expected by analysts surveyed by StreetAccount. The unit generated operating income of $1.66 billion during the quarter.

Starlink provides broadband internet services directly to consumers and also serves government, military, aviation and maritime customers.

SpaceX’s artificial intelligence division generated $2.56 billion in revenue, above expectations of $2.18 billion, but recorded an operating loss of $1.26 billion as spending on AI infrastructure continued to rise.

SpaceX merged with Musk’s artificial intelligence company xAI in February as part of a strategy that includes developing data centers in space.

The company’s space segment, which covers rocket launches and related operations, reported revenue of $962 million compared with analysts’ estimate of $835 million.

However, the unit posted an operating loss of $542 million despite receiving significant launch and development contracts from NASA and other government customers.

SpaceX lost $4.9 billion last year, largely due to investments in artificial intelligence infrastructure and the development of its next-generation Starship rocket system.

Despite concerns over the company’s losses and investment requirements, SpaceX shares rose 9.4% Tuesday to close at $125.33, marking their strongest daily gain since June 15.

However, the stock lost around 6% in after-hours trading following the financial results.