The numbers are in

SpaceX has released its first quarterly earnings report as a publicly traded company.  Here's the breakdown.

https://s21.q4cdn.com/184289198/files/doc_financials/2026/q2/SpaceX-Reports-Second-Quarter-2026-Results.pdf

SpaceX Reports Second Quarter 2026 Results

• Demonstrated the power of extreme vertical integration, delivering revenue growth of 92% year-over-year across Space, Connectivity and AI

• Completed two successful Starship V3 flight tests in the past 90 days, advancing towards full and rapid reusability

• Closed multiple industry-leading Cloud Services Agreements resulting in $14.1 billion of contracted sales

• Announced agreement to acquire Cursor for $60 billion to accelerate the AI enterprise opportunity

• Released our most powerful AI model yet with Grok 4.5 in July

• Delivered 66% revenue and 79% income from operations growth year-over-year for the Connectivity segment, driven by a doubling of Starlink Subscribers and continued momentum in Enterprise & Government

• Awarded over $6 billion in multi-year U.S. government contracts for Starshield

 

After hours, the reaction on Wall Street was a bit wary.  The stock had gained about ten percent during normal trading hours in anticipation of the earnings release, and then it gave that ten percent back after hours.  Why the pullback?  Capex.  SpaceX has significantly increased its AI capex, doubling it from what it was in the first quarter of 2026.

 

 

Non-GAAP earnings estimate for this quarter was a loss of 26 cents per share, and SpaceX recorded a loss of only 9 cents a share.  So they beat earnings, something to keep in mind three months from now when they report again.

Speaking of their next report, Non-GAAP estimates for the third quarter of this year are for a profit of 8 cents per share.  Yes, an actual profit, not a loss.  From Schwab:

 

UPDATE:  The numbers for projected non-GAAP earnings have changed.  I guess Schwab doesn't update this stuff until the following business day.  You'd think the whole update process would be fully automated and happen in something approaching real time, but I guess not.

New numbers:

 

 

So there we go.

Just to be clear, I don't own shares of this company, I've never owned shares, and I have no current plans to own shares.  The valuations are still too rich for my blood.  If that changes, I'll let you know.  Until then, I'll just sit on the sideline and enjoy watching better men than me reach for the stars.

SpaceX reports earnings

On Tuesday after the market closes, SpaceX will report its quarterly earnings.  This will be the first earnings report from them since they went public.  I'm looking forward to it, and I suspect I'm not the only one.

For the record, I don't currently own any SpaceX shares.  I've never owned any.  I have no plans at this time to purchase any.  My interest in this stock, a least until the earnings report comes out, is purely due to my excitement about the things the company does.

On August 6th, some of the shares currently in IPO lockup will be freed.  The owners of those shares will then be able to sell them if they wish.  Elon Musk's shares don't leave lockup until next summer, so he can't sell his shares for another ten months.  This tiered lockup calendar is a little weird, but it does inspire confidence when the main owner must keep all his shares for a full year after the IPO's debut.

What am I expecting tomorrow?  I have no idea.  Probably some new contracts with customers and subcontractors announced, though I couldn't begin to speculate on the details.  I can say with some confidence that Wednesday's trading volume for the stock will probably be higher than its average of 111 million shares, but that's pretty much the only limb I want to climb out on.  The stock might spike higher Wednesday, it might crash, or it might be more-or-less unchanged.

In any event, I'm looking forward to reading the report and seeing what I can glean from it.