SpaceX reported second-quarter revenue of $7.81bn in its first results since going public in June, a rise of 92 per cent year on year, but its shares fell more than 10 per cent after capital expenditure came in at $18.4bn for the quarter.
The company posted a loss of nine cents a share, narrower than the 24 cents analysts had expected. Revenue beat a consensus estimate of $6.93bn.
Why did the shares fall on a beat?
Investors focused on spending rather than sales. Capital expenditure reached $18.4bn in the quarter, a sixfold increase, with most of the outlay earmarked for artificial intelligence infrastructure.
That figure is more than twice the company’s quarterly revenue. It places SpaceX among the heaviest spenders on AI capacity relative to its size, alongside far larger technology firms.
| Measure | Q2 2026 | Consensus |
|---|---|---|
| Revenue | $7.81bn | $6.93bn |
| Revenue growth | +92% | — |
| Earnings per share | -$0.09 | -$0.24 |
| Capital expenditure | $18.4bn | — |
What did SpaceX report in its first quarterly results?
SpaceX reported second-quarter 2026 revenue of $7.81bn, an increase of 92 per cent year on year, in its first quarterly results since listing publicly in June 2026. The figure exceeded a consensus estimate of $6.93bn. The company recorded a loss of nine cents a share against an expected loss of 24 cents. Despite beating on both measures, the shares fell by more than 10 per cent after the company disclosed capital expenditure of $18.4bn for the quarter, a sixfold increase, the majority directed at artificial intelligence infrastructure. Chief executive Elon Musk said separately that SpaceX would use Nvidia processors exclusively for its artificial intelligence services, and Nvidia shares rose almost 4 per cent on the announcement.
What did Musk say about chips?
Musk said SpaceX would source processors exclusively from Nvidia for its artificial intelligence services. Nvidia shares rose almost 4 per cent following the remarks.
The commitment gives Nvidia a named customer for a build-out of the scale implied by the capital expenditure figure, and removes SpaceX from the group of large buyers developing their own silicon.
How does this fit the wider picture?
The listing in June was among the largest of the year. The stock has been volatile since, and had already fallen about 30 per cent from its post-listing level before these results.
Benzinga reported the shares fell 7.5 per cent in after-hours trading immediately following the release before extending losses the next session.
Revenue growth was driven substantially by Starlink, the company’s satellite broadband service, which has expanded its subscriber base faster than its launch business has grown.
Why does the spending matter?
Heavy capital expenditure is normal for a launch and satellite business, which must build hardware before it can earn from it. What changed this quarter is the destination of the money: artificial intelligence infrastructure rather than rockets or satellites.
That shifts the investment case. Shareholders who bought a space company in June are being asked to fund a compute build-out whose returns sit further out and in a market with established competitors.
Several other technology companies reporting this week were also marked down despite beating estimates, as investors weighed capital spending plans against near-term earnings.
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Sources for this report
The Redline News Desk
The Redline News desk files and edits world reporting. Every story carries the sources it was built from, and corrections are published on the story itself.
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