SpaceX Reports Beat in First Earnings While Minimizing Losses

SpaceX beat revenue and adjusted EBITDA expectations in its first earnings call as a public company, while narrowing its net loss as growth accelerated across business segments.

What Happened

For the second quarter of 2026, SpaceX reported revenue of $7.8 billion against analyst expectations of $6.7 billion. Adjusted EBITDA came in at $3.5 billion versus the $2 billion expected. The company posted a net loss of $541 million, an improvement of $467 million from the prior-year net loss of $1.0 billion.

CFO Bret Johnsen highlighted operating leverage and margin expansion led by new AI compute agreements. He said SpaceX ended the quarter with $100 billion in cash, cash equivalents, and marketable securities, along with $47.5 billion in backlog, providing capacity to invest in Starship, Starlink Broadband and Mobile satellites, and its AI platform.

Space segment revenue grew 55% sequentially and 29% year-over-year to $962 million, driven by a higher number of large customer launches and a favorable customer mix. Total costs and expenses for the Space segment rose $389 million year-over-year as SpaceX accelerated R&D investment in Starship, which it expects will reduce cost to orbit by 99% or more relative to historical averages.

SpaceX said it remains the leading launch provider with 78 launches and 1,041 metric tons of mass delivered to orbit over the six months ended June 30, 2026, primarily for Starlink deployment. Starship V3 development advanced with Flight 12 in May completing its first suborbital mission, including a precision upper-stage landing and deployment of modified V2 Starlink satellites. Subsequent to the quarter, Flight 13 in July achieved all objectives, deploying 20 production V3 satellites, demonstrating an in-space Raptor relight, and executing the softest ever Starship splashdown with an intact heatshield.

Why It Matters

The results mark a key milestone for SpaceX as a newly public company after its July IPO, which saw Wall Street turbulence following a delay to the 13th Starship test flight. The beat signals momentum across launch, Starlink subscriber growth, enterprise and government partnerships, and AI infrastructure — areas that could drive investor confidence in the company's long-term returns despite ongoing losses.

The Bottom Line

SpaceX delivered stronger-than-expected revenue and EBITDA while cutting its net loss by nearly half, backed by a $100 billion cash position and $47.5 billion backlog as it funds Starship development and Starlink expansion.