SpaceX is about to do something it has never done before: open its books for public scrutiny. The company’s first-ever quarterly earnings report as a publicly traded entity is scheduled for August 4, 2026, covering Q2 results.

SpaceX stock is currently trading between $108 and $114, roughly 20% below its IPO price of $135 per share.

From record IPO to record doubts

SpaceX raised $85.7 billion when it went public in June 2026, making it the largest initial public offering in history. The stock initially surged above $225 at its peak before declining more than 50% from that high. Approximately 32% of SpaceX’s float is currently shorted.

Starlink is the story, but losses are the headline

In 2025, Starlink generated $11.4 billion in revenue, accounting for more than 60% of SpaceX’s total $18.7 billion top line. As of March 31, 2026, the service had 10.3 million subscribers globally.

SpaceX reported a net loss of $4.9 billion for the full year 2025, followed by an additional $4.28 billion loss in Q1 2026 alone. Capital expenditures are the primary culprit, driven by the Starship program and strategic investments in artificial intelligence capabilities.

What investors should actually watch for

Wall Street will want to hear management address several critical questions. First, Starlink subscriber growth: the 10.3 million figure from March represents the last publicly available data point. Second, the path to profitability, given that SpaceX has reported accelerating losses into 2026. Third, the lock-up expiration timeline, which could trigger insider selling pressure on a stock already trading well below its IPO price.

The 32% short interest means that if earnings surprise to the upside, short sellers rushing to cover their positions could trigger significant forced buying, the same mechanic that drove the GameStop saga in 2021.