SpaceX just reported its first-ever quarterly earnings as a public company. The numbers were a mixed bag: revenue crushed expectations, but the company is hemorrhaging cash on AI infrastructure at a pace that would make even the most ambitious spenders blush.

Now, barely two days after those results dropped, the company faces a share unlock that could flood the market with up to 911.5 million additional shares, valued at roughly $101 billion. Bloomberg is hosting a live Q&A today at 2 p.m. EDT to help investors make sense of the whole situation.

The earnings picture: big revenue, bigger spending

SpaceX reported Q2 2026 revenue of $7.8 billion, comfortably topping Wall Street’s consensus estimate of approximately $6.81 billion.

The company also disclosed a net loss of $541 million, driven largely by capital expenditures of roughly $18.4 billion during the quarter. In English: for every dollar SpaceX brought in, it spent more than two dollars building out its AI and space infrastructure.

Shares are trading around $114 to $115, roughly 15% below the $135 IPO price from June 2026 and a full 49% below the highs reached shortly after the company went public. For a company that debuted with a valuation of approximately $1.75 trillion at its offering price, that’s a significant haircut in a very short period.

The unlock: 911.5 million shares enter the chat

On August 6, 2026, up to 911.5 million shares become eligible for trading, a move that will dramatically expand SpaceX’s public float from its initial level of roughly 4.9%.

The timing is particularly uncomfortable. A $101 billion unlock hitting a stock that’s already down 15% from its IPO price and nearly half from its peak creates significant selling pressure, especially when the stock is already trading below its debut price.

The Bitcoin angle: 18,712 BTC and counting

Tucked into SpaceX’s earnings disclosure was a detail that caught the crypto world’s attention: the company holds 18,712 BTC on its balance sheet, valued at approximately $1.1 billion as of the end of Q2 2026. The company reported no Bitcoin sales during the quarter.

That Bitcoin treasury positions SpaceX in a small but growing club of public companies that treat the asset as a strategic reserve rather than a speculative trade. It’s a playbook popularized by MicroStrategy and adopted in various forms by Tesla, which Musk also leads.