SpaceX keeps its Bitcoin despite a $540 million drop in value
Elon Musk’s SpaceX has released its first quarterly report since going public. The company generated $7.8 billion in revenue in the second quarter.
According to the filing, the result significantly exceeded Wall Street’s forecast of $6.9 billion. At the same time, the company narrowed its quarterly loss as growth accelerated across its space launch, Starlink satellite internet, and artificial intelligence businesses.
SpaceX reported a net loss of $541 million, compared with a $1 billion loss a year earlier. Adjusted EBITDA nearly tripled to $3.5 billion.
Bitcoin holdings remain intact
According to a filing submitted to the U.S. Securities and Exchange Commission, the company retained 18,712 Bitcoin on its balance sheet. However, the value of its cryptocurrency reserves declined to $1.1 billion as of June 30, down from $1.64 billion at the end of 2025. The decrease came as the price of Bitcoin fell by approximately 33% over the period.
SpaceX’s capital expenditures reached $18.4 billion during the quarter, well above analysts’ expectations of $13 billion. The company continues to invest heavily in artificial intelligence infrastructure.
Following the report, SPCX shares fell 6% in after-hours trading to $118. The stock had closed the regular session nearly 10% higher, while the Nasdaq 100 gained 3.3%.
The results were released less than two months after SpaceX’s record-breaking $86 billion IPO and shortly before the stock’s first major test. On August 6, approximately 912 million shares held by employees and early investors will become eligible for sale. This could significantly increase the number of SpaceX shares available to the public.
Shares continue to decline
Despite strong investor interest in the SpaceX IPO, the company’s shares came under pressure almost immediately after public trading began. Following an initial rise, the stock reversed course as investors started taking profits and scrutinizing the company’s financial performance more closely, including its substantial losses and rapidly growing capital expenditures.
Concerns over SpaceX’s high valuation and the upcoming increase in publicly tradable shares added further pressure. As a result, the positive momentum surrounding the high-profile listing quickly faded, while investors shifted their focus from the company’s long-term potential to near-term financial risks and possible selling by employees and early shareholders.
SpaceX shares had already begun declining before the report was released.
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