Chris Thompson/SpaceX
SpaceX’s first earnings report reveals a company burning cash and breaking records simultaneously
The aerospace giant posted $7.8 billion in Q2 revenue, crushing estimates by nearly $1 billion, but persistent losses and a sliding stock price tell a more complicated story.
SpaceX just did something it has never done before: open its books to the public. And the numbers are, depending on your disposition, either thrilling or terrifying.
The company’s first quarterly earnings report as a public entity showed Q2 2026 revenue of $7.8 billion, demolishing the Bloomberg consensus estimate of roughly $6.81 billion by nearly a full billion dollars. Adjusted EBITDA came in at $3.5 billion, almost 75% above the $2.0 billion analysts had penciled in.
The numbers behind the hype
SpaceX jumped from $4.7 billion in the prior quarter to $7.8 billion in Q2, a sequential leap of roughly 66%. The company’s full-year 2025 revenue was $18.7 billion, meaning it just generated nearly 42% of last year’s total in a single quarter.
AI revenue hit $818 million in Q1 2026 alone. The company has projected that data-center deals could eventually yield $28 billion annually.
The cash burn problem
SpaceX posted a net loss of $4.9 billion for the entirety of 2025. It followed that up with a $4.3 billion loss in Q1 2026 alone. The expected Q2 loss sits around $1.9 billion.
Shares closed at $114 on August 3, down approximately 15% from the IPO price set just two months earlier in June. The stock has fallen nearly 50% from its post-IPO peak. The June 2026 IPO itself raised record capital.
What this means for investors
SpaceX’s improvement from a $4.3 billion Q1 loss to an expected $1.9 billion Q2 loss suggests the company may be bending the curve in the right direction. Whether that trend holds through Q3 and Q4 will likely determine if the stock stabilizes near current levels or continues its slide.