SpaceX stock drops 8% despite stronger than expected second quarter results

SpaceX shares declined more than 8% in after hours trading Tuesday after the company reported stronger than expected second quarter results while capital expenditures surged to $18.4 billion.

SPCX fell to about $114.56 after the close, reversing a 9.4% gain during the regular session that left the stock at $125.33.

SpaceX reported revenue of $7.81 billion, up 92% from $4.07 billion during the same period last year. The result exceeded the FactSet consensus estimate of approximately $6.83 billion.

The company posted a net loss of $541 million, or 9 cents per share, compared with a net loss of $1.01 billion, or 34 cents per share, a year earlier. Analysts had expected a loss of about 23 cents per share.

Adjusted EBITDA reached $3.54 billion, increasing 191% from $1.21 billion and surpassing Wall Street expectations of approximately $2.1 billion.

SpaceX recorded an operating loss of $143 million, narrowing from $970 million during the previous year.

Capital expenditures increased to $18.37 billion from $2.83 billion a year earlier. Analysts had expected quarterly spending of approximately $13.2 billion, according to FactSet estimates reported before the results.

The AI division accounted for $15.83 billion of quarterly capital expenditures, compared with $749 million during the same period last year. SpaceX spent $23.55 billion on AI infrastructure during the first six months of 2026.

AI revenue increased 247% year over year to $2.56 billion, supported by new cloud service agreements and growth in Grok and X subscription revenue.

The division generated adjusted EBITDA of $1.15 billion, compared with a loss of $276 million a year earlier. Its operating loss narrowed to $1.26 billion from $1.52 billion.

SpaceX said it signed cloud service agreements representing $14.1 billion in contracted sales. The agreements generated $1.6 billion in additional AI infrastructure revenue during the quarter.

The company expanded its nameplate computing capacity to 1.4 gigawatts from 1 gigawatt during the previous quarter and 0.4 gigawatts a year earlier.

SpaceX also reiterated its agreement to acquire AI coding company Cursor for $60 billion. The transaction is expected to close during the third quarter.

Connectivity remained the company’s largest business, with revenue rising 66% year over year to $4.29 billion. Operating income increased 79% to $1.66 billion, while adjusted EBITDA reached $2.6 billion.

Starlink ended the quarter with 12 million subscribers, double the total reported a year earlier and up 1.7 million from the previous quarter. Average monthly revenue per user was $66, unchanged from the first quarter but down from $85 a year earlier.

Enterprise and government connectivity revenue more than doubled to $1.81 billion. SpaceX said Starshield received more than $6 billion in multi year US government contracts.

Revenue from the space division increased 29% to $962 million. The segment posted an operating loss of $542 million as research and development expenses rose to $1.08 billion.

SpaceX completed 38 launches during the quarter and delivered 485 metric tons of payloads to orbit. The company conducted 78 launches and delivered 1,041 metric tons during the first six months of the year.

SpaceX ended June with approximately $100 billion in cash, cash equivalents and marketable securities, following its June initial public offering and a $25 billion bond issuance. Its total backlog stood at $47.5 billion.