SpaceX reported a loss of more than $500 million in its first quarterly earnings report since taking its stock public in June, a continuation of the deficits for the Elon Musk-led firm with designs on domination of an emerging space economy.
The company’s stock had rallied earlier Tuesday, jumping more than 10 percent by late afternoon. It was among the first positive signs in weeks for the flagging stock, which flourished after a record-setting debut but plummeted soon after, shedding around half its value from its all-time high, as investors digested the financials and road map of a company that said it plans to put data centers in space and establish a colony on Mars. SpaceX said its quarterly loss of $541 million was an improvement over the year prior, when it shed $1 billion during the same period. On its earnings call Tuesday, the company touted its revenue of $7.8 billion, nearly double the figure from the same period a year prior, largely on the back of its satellite-based internet service Starlink.
The company raised $75 billion after pricing its shares at $135 each in June, and its stock began trading at $150 per share. In the run-up to going public, SpaceX had disclosed a track record of losses, including $13 billion since the start of 2023. Tuesday’s results continued that trend but appeared to offset the damage partially, following losses of nearly $4.3 billion in the first quarter of 2026. With Tuesday’s result, SpaceX’s losses since the beginning of 2026 are over $4.8 billion.
SpaceX’s losses are largely driven by its investments in artificial intelligence through xAI, the start-up that Musk founded to compete with the makers of other leading large-language-model-based chatbots and was ultimately absorbed into the rocket company.
Musk, who has issued overly optimistic predictions in the past, has outlined a belief that SpaceX would become “worth more than Earth if we achieve our goals.”
Analysts, however, have signaled caution about SpaceX’s near-term road map. The company faces looming expirations of lockups, where those who acquired shares at low prices are allowed to sell their stakes on a market that has put a premium on their value. Soon after the results were announced, the company’s stock sunk in after-hours trading.
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