Summary
- SpaceX shares fell 11 percent in pre-market trading as investors focused on heavy capital spending and a looming insider share lockup, despite the companys stronger-than-expected first earnings report.
- Revenue surged 92% to $7.8 billion and adjusted EBITDA nearly tripled to $3.5 billion, but SpaceX posted a $541 million net loss and spent $18.4 billion to expand Starlink, Starship and AI infrastructure.
- The company kept all 18,712 bitcoin on its balance sheet, taking a roughly $195 million fair-value hit that added earnings volatility.
SpaceX shares fell 11% in pre-market trading Wednesday as investors looked past a stronger-than-expected first earnings report and toward heavy capital spending and a major insider-share unlock due Thursday.
Revenue rose 92% from a year earlier to $7.8 billion, beating Wall Street estimates, while adjusted EBITDA nearly tripled to $3.5 billion. The company narrowed its net loss to $541 million, but spent $18.4 billion during the quarter as it expanded Starlink, Starship and its AI infrastructure.
SpaceX held all 18,712 bitcoin on its balance sheet through the quarter. The position was worth about $1.1 billion at the end of June, bringing into view the accounting risk CoinDesk flagged before the IPO — that bitcoin price swings now flow through the public companys quarterly earnings under fair-value rules.
The stake lost roughly $195 million in value during the quartet, adding volatility to results.