SpaceX Reports First Quarterly Results as Public Company, Discloses $540 Million Decline in Bitcoin Holdings Value
Key Takeaways
- •SpaceX's second-quarter revenue reached $7.8 billion, exceeding Wall Street estimates of $6.9 billion in its inaugural earnings report as a public company.
- •The company's net loss narrowed significantly to $541 million from $1 billion in the same quarter of the prior year.
- •SpaceX's digital asset holdings declined by $540 million in value during the first half of 2026, falling from $1.64 billion to $1.10 billion.
- •SpaceX retained all 18,712 of its bitcoin without selling any portion, unlike Tesla which sold the majority of its position in 2022.
- •The earnings report provides public investors their first ongoing visibility into how SpaceX's cryptocurrency treasury strategy interacts with its operational performance.
SpaceX exceeded Wall Street's quarterly revenue estimates in its inaugural earnings report as a publicly traded company, even as it disclosed a $540 million decline in the value of its bitcoin holdings amid a broad cryptocurrency downturn during the first half of 2026.
https://x.com/BitcoinKE/status/2085268017408077951?ref_src=twsrc%5Etfw
The Elon Musk-led company reported second-quarter revenue of $7.8 billion, surpassing analysts' estimates of $6.9 billion. Its net loss narrowed to $541 million, down from $1 billion in the same period a year earlier.
SpaceX's digital asset holdings were valued at $1.10 billion as of June 30, 2026, a drop from $1.64 billion at the end of 2025. Despite the paper loss, the company retained all 18,712 of its bitcoin and did not sell any portion of its holdings — a stance that contrasts with other corporate bitcoin holders. Tesla, which purchased $1.5 billion in bitcoin in early 2021, sold the majority of its position the following year, while Strategy, formerly MicroStrategy, has continued accumulating bitcoin since becoming the first major public company to adopt it as a primary treasury reserve asset in 2020.
The rocket and satellite manufacturer first disclosed its Bitcoin holdings in a long-awaited IPO filing, revealing a cryptocurrency position significantly larger than market observers had previously estimated. The Wall Street Journal had reported in 2023 that SpaceX had written down the value of its bitcoin holdings, but the size of the position had never been publicly confirmed. In its prospectus, the company stated that it held 18,712 bitcoin as of the end of the first quarter, with a fair value of approximately $1.29 billion at that time.
The disclosure positions SpaceX as one of the world's largest known corporate bitcoin holders, surpassing the treasury holdings of cryptocurrency exchange Coinbase and trailing only a small number of publicly traded firms, including Strategy and Tesla. The quarterly report also gives public investors their first regular window into how SpaceX's treasury strategy interacts with its operating performance — a level of financial transparency unavailable during the company's more than two decades as a private entity.
