SpaceX posted second-quarter revenue of $7.8 billion, comfortably ahead of the $6.9 billion Wall Street had expected, in its first earnings report since going public. But the results also revealed a steep paper loss on the company's bitcoin treasury, with the value of its holdings declining by roughly $540 million during the quarter.
The company's net loss for the period narrowed sharply to $541 million, a marked improvement from the $1.0 billion loss it posted in the same quarter of 2025. Adjusted EBITDA nearly tripled year-over-year to $3.5 billion, while capital expenditures reached $18.4 billion, surpassing analyst expectations of roughly $13 billion.
Bitcoin Treasury Feels the Squeeze
SpaceX holds 18,712 BTC on its balance sheet. The value of that position fell to $1.10 billion as of June 30, 2026, down from $1.64 billion at the end of 2025, accounting for the $540 million decline referenced in the company's results. The drop tracks closely with bitcoin's roughly 33% price decline over the same stretch, underscoring how exposed corporate treasuries with large crypto allocations remain to market volatility, even when their core business performs well.
A Test Looming for the Stock
The earnings report arrives just ahead of a significant event for SpaceX shareholders: on August 6, 2026, approximately 912 million shares held by employees and early investors become eligible for sale. That unlock is expected to serve as the first major test of investor demand since the company's $86 billion initial public offering roughly two months ago.
Shares of SPCX gained nearly 10% during Tuesday's regular session before falling 6% in after-hours trading following the earnings release, closing around $118. The move contrasted with a broadly positive day for equities, as the Nasdaq 100 advanced 3.3%.
Growth Beyond the Balance Sheet
Despite the bitcoin-related drag, SpaceX highlighted acceleration across its core business lines, including launch operations, Starlink satellite services, and growing investment in artificial intelligence infrastructure, areas the company pointed to as the primary drivers behind its revenue beat.
