SpaceX reviews 92% income surge despite Wall Street AI jitters — first report card since historic IPO
SpaceX on Tuesday confirmed its first report card since its blockbuster market debut in June – notching a 92% surge in income despite shedding $541 million in the second quarter, capping a rocky couple of months on the public market amid Wall Street jitters over the enormous run-up in AI spending.
Elon Musk’s company – which has grand ambitions like building data facilities in space and colonizing Mars – posted an working loss of $143 million and an earnings per share loss of $0.09, beating analyst expectations of a loss per share of 26 cents.
The update marked the first time Musk’s rocket company has reported earnings since it listed shares at $150 in June.
Since then, the company’s stock has plunged roughly 24%, wiping out some $500 billion in worth as Wall Street has grown jittery over the eye-watering valuations of artificial intelligence corporations and the mountains of money they’re plowing into AI buildouts.
Elon Musk attends the Charlie Kirk Memorial at State Farm Stadium on Sept. 21 in Glendale, Arizona. (© Aristide Economopoulos 2025) Aristide Economopoulos
SpaceX reported the second-quarter outcomes after the bell on Tuesday with the stock climbing 10% in afternoon trading.
The company posted income of $7.8 billion while financial markets data supplier LSEG had forecast $6.93 billion in income.
A SpaceX Falcon 9 rocket is displayed at a SpaceX facility on Tuesday in Hawthorne, Calif. (2026 Getty Images) Getty Images
Last yr, SpaceX notched a $4.9 billion loss due to large AI infrastructure investments.
The company said it invested $18.37 billion in AI infrastructure, Starship and Starlink expansion in the second-quarter outcomes.
SpaceX’s launch business, which is pulling in income from large contracts with NASA, misplaced money.
The majority of SpaceX’s income last yr – and its only profitable section – got here from its connectivity business, which incorporates Starlink satellite tv for pc web service. It sells to shoppers and to authorities and navy businesses.
SpaceX shares could possibly be hit with further stress from the expiry of the company’s post-IPO lock-up period beginning Thursday, which can set off insider and early-investor shares on the market.
This is a developing story.
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