SpaceX Q2 Revenue Soars 92% to $7.8B, But $18.4B Capex Spooks Investors
SPCX is trading near its 52-week low of $104.83 (6.0% above the low).
Summary
SpaceX's first post-IPO quarterly report delivered a massive beat: Q2 revenue hit $7.81B, up 92% YoY and 15% above estimates, with adjusted EBITDA nearly tripling to $3.5B. Starlink remains the profit engine at $4.29B revenue and 12M subscribers, while AI revenue surged 247% to $2.56B, backed by $14.1B in contracted cloud services. However, capital expenditure exploded to $18.37B—more than six times the prior year—driven by $15.83B in AI infrastructure spending. The scale of investment, echoing heavy AI outlays from Alphabet, Meta, and Microsoft, rattled investors and overshadowed the strong top-line growth, causing the stock to slump. A new NVIDIA partnership for orbital AI computing platforms underscores the company's aggressive push into AI infrastructure. The key question is when this spending translates into sustained profitability and cash generation.
At the time of this announcement, SPCX was trading at $111.10 on NASDAQ in the Technology sector, with a market capitalization of approximately $1.7T. The 52-week trading range was $104.83 to $225.64. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Leverage Shares.