SpaceX did something it had never done before: open its books to the public. The results, depending on one’s view, were either impressive or concerning.

The company’s first quarterly earnings report as a public company showed second-quarter 2026 revenue of $7.8 billion, beating the Bloomberg consensus estimate of about $6.81 billion by nearly $1 billion. Adjusted EBITDA was $3.5 billion, nearly 75% above the $2.0 billion analysts had expected.

Revenue growth outpaced expectations

SpaceX increased revenue from $4.7 billion in the prior quarter to $7.8 billion in Q2 2026, a sequential gain of roughly 66%. The company’s full-year 2025 revenue was $18.7 billion, which means it generated nearly 42% of last year’s total in a single quarter.

AI revenue reached $818 million in Q1 2026 alone. SpaceX has said data-center deals could eventually produce $28 billion in annual revenue, a figure that helps explain why investors are watching whether newer businesses can keep adding scale alongside the company’s core operations.

Losses remain large

Despite the revenue surge, SpaceX reported a net loss of $4.9 billion for 2025. That was followed by a $4.3 billion loss in Q1 2026, with the expected loss for Q2 2026 at around $1.9 billion.

Shares closed at $114 on August 3, down about 15% from the IPO price set in June 2026. The stock has also fallen nearly 50% from its post-IPO peak. The June 2026 IPO raised record capital, giving the company a public-market valuation framework that now places more attention on quarterly results rather than private-market funding rounds.

Market focus

SpaceX’s narrower expected loss in Q2, compared with the $4.3 billion loss in Q1, suggests the company may be moving in the right direction. With the business now reporting publicly, investors will be able to track whether revenue growth, adjusted EBITDA and losses continue to move in the same direction in coming quarters, making the next earnings updates a key test of how quickly scale translates into financial progress.