SpaceX's revenue rises as its once-soaring stock price drifts back to Earth

A view of the Nasdaq MarketSite after SpaceX company executives rang the opening bell to celebrate the launch of SpaceX's initial public offering (IPO) in New York on June 12, 2026. TIMOTHY A. CLARY/AFP via Getty Images hide caption

In its first quarterly report since offering shares to the public, Elon Musk's SpaceX announced soaring revenues and shrinking losses — but still not a profit.

On Tuesday the aerospace and artificial intelligence company reported a near-doubling in revenue over the same quarter last year to $7.8 billion, beating expectations. But it logged a loss of $541 million as it poured money into its Starlink satellite communications network, spacecraft development, and artificial intelligence.

The company spent $18.4 billion in capital investments during the quarter, and on an earnings call founder Elon Musk sought to paint a picture of a company that is doing "very big things."

He said SpaceX is launching far more satellites into orbit than the rest of the world combined; it's developing a satellite communications network that is quickly growing its user base and may deliver "a majority of the world's internet" in less than 10 years; and it's standing on the cusp of deploying a heavy lift rocket that will revolutionize launches. He said the company is planning to launch orbiting AI data centers next year.

"This is not some far future, distant thing," he said of the space data centers. "The SpaceX team is solving some of the hardest engineering problems in the history of humanity and I think the team is succeeding."

But the company's share price has had a bumpy ride this summer, and analysts say it could get worse.

Shares lifted off like a rocket after the company launched the world's biggest initial public offering — but then fell like a rock. SpaceX raised some $75 billion in an early June IPO . Shares started trading at $150, and in mid-June shot to a intraday high of $225.64, but closed Tuesday at $125.33, well under the initial offering price.