SpaceX holds 18,712 Bitcoin as first-ever earnings reveal $101B lockup looming

SpaceX just pulled back the curtain on its finances for the first time as a public company, and there’s a lot to unpack. The headline number: $7.8 billion in Q2 2026 revenue, a 92% jump from $4.1 billion a year earlier. But Wall Street’s real fixation is on what happens two days after the August 4 earnings release, when a lockup expiration floods the market with roughly 912 million shares worth approximately $101 billion. For crypto investors specifically, there’s a buried detail worth paying attention to. SpaceX disclosed it holds 18,712 Bitcoin on its balance sheet, valued at $1.10 billion as of June 30, 2026. That’s down considerably from $1.64 billion at the end of 2025, a decline of roughly 33% driven by broader crypto market weakness. The earnings picture SpaceX’s inaugural quarterly report exceeded expectations. Wall Street’s consensus estimate sat around $6.9 billion in revenue, meaning the company beat by roughly $900 million. The net loss narrowed meaningfully, coming in at $541 million compared to a $1.0 billion loss during the same quarter last year. Adjusted EBITDA hit $3.5 billion, which sounds great until you look at the capital expenditure line: $18.4 billion. Space...