SpaceX Beats Revenue Estimates in First Post-IPO Quarter, Falls 5% After Hours on AI Spending
Summary
- SpaceX said second-quarter revenue came in at $7.8 billion, beating market estimates, while its EPS loss was also narrower than expected.
- It said CAPEX surged to $18.4 billion in the same period, and the stock fell about 5% in after-hours trading as investment in its AI business expanded.
- Bloomberg said stock volatility has increased since the company’s $86 billion IPO, driven by heavier AI investment, profit-taking and the coming release of $100 billion in lock-up shares.
Forecast Trend Report by Period
Elon Musk’s SpaceX reported revenue above market estimates in its first quarterly results since its initial public offering, but the stock fell after surging capital spending tied to expanded artificial intelligence investment.
Bloomberg reported on August 4 that SpaceX posted second-quarter revenue of $7.8 billion. That topped the Bloomberg-compiled market estimate of $6.81 billion.
Capital expenditures climbed to $18.4 billion in the quarter from $10.1 billion in the previous quarter. The increase was driven by larger-than-expected investment in the company’s AI business.
SpaceX shares fell about 5% in U.S. after-hours trading after the earnings release. The stock had risen about 10% in the regular session, marking its biggest one-day gain since its June listing.
Second-quarter net loss per share was 9 cents, better than the 24-cent loss expected by the market.
Starlink subscribers totaled 12 million as of the second quarter. That was slightly below the market forecast of 12.19 million. Starlink is currently considered SpaceX’s only profitable business.
The AI segment posted an operating loss of $1.26 billion. That was better than the market estimate for a $2.39 billion loss.
SpaceX said it signed a cloud services contract with Google worth $920 million a month through mid-2029 to expand its AI computing business. The company also said it struck a similar agreement with Anthropic.
The company is also stepping up development of Starship, its next-generation heavy-lift rocket. It has invested about $15 billion so far, and on July 24 it completed its first test flight since the IPO, deploying satellites and safely recovering the vehicle.
Bloomberg said SpaceX shares have been more volatile since the company’s record $86 billion IPO in June, as expanded AI investment and profit-taking fueled swings in the stock. Volatility could increase further this week, when $100 billion of lock-up shares are due to be released.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.