SpaceX Reports $540 Million Bitcoin Holding Decline in First Earnings as Public Company
SpaceX, the rocket and satellite company led by Elon Musk, reported its first quarterly results as a publicly traded entity on Tuesday, beating Wall Street revenue expectations while disclosing a significant decline in the value of its bitcoin holdings.
The company posted second-quarter revenue of $7.8 billion, well above analyst estimates of $6.9 billion. Net loss narrowed to $541 million from $1.0 billion in the year-ago period, while adjusted EBITDA nearly tripled to $3.5 billion on growth across its launch, Starlink, and AI infrastructure businesses.
Bitcoin Holdings Intact but Depreciated
According to the accompanying SEC filing, SpaceX continues to hold its full stash of 18,712 bitcoin. However, the carrying value of those digital assets declined to $1.10 billion at June 30, down from $1.64 billion at the end of 2025.
The $540 million decline mirrors bitcoin's roughly 33% price slide during the first six months of 2026. Bitcoin traded near $64,200 at the time of the earnings release.
SpaceX is the largest publicly traded corporate holder of bitcoin after its sister company Tesla, which also continues to maintain its BTC position.
Heavy Capital Expenditure
The company spent $18.4 billion on capital expenditures during the quarter, substantially above analyst expectations of $13 billion, driven primarily by investments in artificial intelligence infrastructure.
SpaceX stock fell approximately 6% in after-hours trading following the report, closing a regular session that saw shares rise nearly 10%. The Nasdaq 100 gained 3.3% on the day.
Lockup Expiry Ahead
The earnings report arrives less than two months after SpaceX's record-breaking $86 billion IPO. On August 6, roughly 912 million shares held by employees and early backers will become eligible for sale, potentially increasing the stock's public float significantly — a dynamic that could add volatility in the coming sessions.