SpaceX releases its first earnings report as a public company

SpaceX released its first earnings report as a public company on Tuesday. The report gives a close look at how the rocket, satellite, and artificial intelligence company is doing after it went public in June. That stock market debut was the biggest initial public offering, or IPO, in U.S. history.

SpaceX shares started strong after the IPO but have fallen since then. The stock price rose a bit on Tuesday morning, gaining about $5 to reach $119.53 per share. Even so, that is still 11% lower than the IPO price of $135 per share, and nearly half of what it was at its highest point of $225.64 back on June 16.

The company shared its financial results after the stock market closed at 4 p.m. Eastern Time. After that, SpaceX CEO Elon Musk took part in a call with Wall Street analysts at 4:30 p.m. During the call, Musk was expected to answer questions about the company's future plans and goals.

Experts say both the numbers and Musk's words matter to investors. 'Wall Street analysts will focus on the hard numbers, but retail investors will be influenced by some of the sound bites,' said Jay Ritter, an IPO expert and professor at the University of Florida. Regular investors often pay close attention to what company leaders say, not just the financial data.

One big question is whether SpaceX's revenue, or money earned, is growing fast enough. Last year, the company brought in $18.7 billion in revenue but still lost more than $4.9 billion. For the second quarter of this year, analysts expected SpaceX to report a net loss of about $1.9 billion.

SpaceX's Starlink satellite internet service is one of its biggest moneymakers. A researcher at S&P Global estimated that Starlink helped bring in about $6.9 billion in revenue during the second quarter alone. Analysts are closely watching how many new Starlink subscribers signed up, since that number shows how quickly the service is growing.

Another major question is whether SpaceX's investment in artificial intelligence, or AI, is starting to pay off. In the first three months of 2026, the AI part of SpaceX's business earned $818 million. The company is focused on building AI tools, including Grok — a chatbot it got when it bought a company called xAI in February — and Cursor, an AI coding startup it recently acquired.

Experts say the AI business could become very important to SpaceX's future. 'If SpaceX can grow this part of its business, it could be an important source of revenue in the next few years, along with Starlink and terrestrial data centers,' said Ritter. For now, though, the AI segment is still losing more money than it makes.

The stock's future is also tied to what happens on Thursday. That is when more than 911 million SpaceX shares — worth roughly $100 billion — will be released as the 'lockup period' ends. A lockup period is a window of time after an IPO when early investors are not allowed to sell their shares.

Some investors have been betting that the stock will go down, a practice called short selling. So far, those short sellers have made more than $8 billion by betting against SpaceX. However, some analysts think that when the lockup ends, new buyers will step in and help steady the stock price, which could reduce how much the price drops.