Elon Musk's SpaceX reports first public earnings, beating revenue estimates despite heavy AI investments
Elon Musk's SpaceX reported its first set of results as a public company on Tuesday, exceeding analyst expectations for revenue and adjusted EBITDA. The company reported Q2 revenue of $7.8 billion, surpassing the $6.81 billion consensus, while adjusted EBITDA reached $3.5 billion against a $2.0 billion estimate. Despite these gains, the company faces significant capital requirements due to massive investments in AI infrastructure. SpaceX reported Q2 capital expenditures of $18.37 billion, with the AI segment specifically spending $15.8 billion. While the AI segment posted an operating loss of $1.26 billion, it outperformed expectations by beating the $2.39 billion loss estimate. Investors remain cautious as the stock has experienced a recent free fall. A looming lockup expiration on August 6 will release hundreds of millions of insider shares into the market, potentially putting further pressure on the stock. The company's Starlink connectivity business remains a primary profit driver, with adjusted EBITDA of $2.26 billion and a subscriber count exceeding 12 million.