SpaceX held its first earnings conference call since going public on the 4th, reporting Q2 revenue of $7.814 billion—a 94.4% year-over-year increase that exceeded analyst consensus of $6.93 billion. CEO Elon Musk outlined ambitious plans including a $1 trillion revenue target by 2030, Starlink mobile service launch by the end of next year, and moon launch facility construction by 2028. Despite beating expectations, the stock fell 7.46% in after-hours trading as investors focused on an 81.7% quarter-over-quarter surge in capital expenditures to $18.369 billion and the upcoming release of 911.5 million lockup shares on the 7th. This marks the company's first quarterly disclosure as a publicly traded entity, with Starlink subscribers reaching 12 million—double the count from a year earlier.
SpaceX Reports Q2 Revenue of $7.8 Billion, Beats Analyst Estimates
SpaceX posted Q2 revenue of $7.814 billion, exceeding the consensus estimate of $6.93 billion by 12.8%. The company reported a net loss per share of 9 cents, significantly better than the expected 26-cent loss. Total net loss for the quarter was $541 million, an improvement from the $1.008 billion loss in the same period last year.
All three business segments surpassed revenue projections: Communications (including Starlink) generated $4.29 billion, AI (including xAI and social network X) brought in $2.56 billion, and Space (launch vehicles) contributed $962 million. The company secured new government contracts with NASA and expanded cloud computing lease agreements with clients including OpenAI.
Starlink Subscriber Base Doubles to 12 Million Users
Starlink's subscriber count reached 12 million as of the end of June, approximately double the figure from one year earlier. COO and President Gwynne Shotwell stated that "penetration in the aviation industry is only 10%, leaving significant room for revenue growth."
Shotwell announced plans to launch Starlink mobile services by the end of next year, adding that "Starlink mobile will capture a substantial number of customers from major telecom operators like AT&T."
Musk Sets $1 Trillion Revenue Target by 2030, Expands Cloud Computing Focus
Musk declared during the conference call that SpaceX will "achieve $1 trillion in revenue by 2030," accelerating the target by one year from the previous timeline. CFO Brett Johnson explained that "cloud services in the AI division will contribute most significantly to the $1 trillion revenue goal."
SpaceX currently leases excess computing capacity to external companies including Google and OpenAI. Musk projected that "AI demand is growing 200% annually" and that "computing capacity prices will rise at the same rate during this period."
Regarding space operations, Musk stated plans to "install a mass accelerator on the moon," analyzed as part of a strategy to launch satellites at high velocity from the lunar surface. He added that within one year, SpaceX will launch Starship (the super-heavy space transport vehicle) "at least once per day."
Stock Drops 7.46% After Hours on Capex Surge and Lockup Concerns
Despite the strong earnings report, SpaceX shares fell 7.46% in after-hours trading. The decline was primarily attributed to Q2 capital expenditures of $18.369 billion—an 81.7% increase from Q1's $10.107 billion—with management indicating similar investment levels for the second half of the year.
A major concern for investors is the lockup expiration scheduled for the 7th, when up to 911.5 million employee-held shares may enter the market. This represents 6.9% of total outstanding shares and 1.4 times the current float. Deutsche Bank noted that "the lockup expiration is weighing on SpaceX's stock price" and that "buying from index-tracking funds following last month's Nasdaq 100 inclusion has been weaker than expected."
Musk's comments during the call had immediate market impact: his statement that SpaceX will use only NVIDIA chips for AI data centers caused AMD shares to reverse into negative territory in after-hours trading. The Starlink mobile announcement triggered declines in telecom stocks. Regarding memory semiconductors, Musk's observation that "demand grows 200% annually while supply increases only 20%" drove gains in SK Hynix ADR and similar securities on the New York Stock Exchange.
FAQ
What revenue did SpaceX report for Q2?
SpaceX reported Q2 revenue of $7.814 billion, representing a 94.4% year-over-year increase and exceeding analyst consensus estimates of $6.93 billion by 12.8%.
Why did SpaceX stock fall after the earnings report?
The stock dropped 7.46% in after-hours trading primarily due to capital expenditures surging 81.7% to $18.369 billion in Q2 and concerns about 911.5 million lockup shares potentially entering the market on the 7th, representing 6.9% of total outstanding shares.
When will SpaceX launch Starlink mobile services?
COO Gwynne Shotwell announced that SpaceX plans to launch Starlink mobile services by the end of next year, with the service expected to attract customers from major telecom operators like AT&T.
