SpaceX has posted its first earnings release as a public company. The firm reported a net loss attributable to shareholders of $541 million for the second quarter. At the same time, revenue surged 92% year-over-year to $7.8 billion, while the operating loss narrowed sharply to $143 million from $970 million a year earlier. The per-share loss came in three times smaller than analysts' negative forecasts.
Starlink, a satellite Internet service operated by SpaceX, accounted for more than half of total revenue, with sales climbing by 66%. Revenue from the company's AI-related projects more than tripled. Meanwhile, capital expenditures jumped sixfold to $18.37 billion from $2.83 billion. At a meeting with investors, CEO Elon Musk highlighted rapid progress on the Grok language model and announced plans to deploy next-generation Starlink V3 satellites during Starship's next test flight.
Despite the top-line growth, shares tumbled by more than 10% in premarket trading to around $110, falling below the June IPO price of $135 and less than half the record high of $225.60.