SpaceX’s first earnings report reveals a company burning cash and breaking records simultaneously

SpaceX just did something it has never done before: open its books to the public. And the numbers are, depending on your disposition, either thrilling or terrifying. The company’s first quarterly earnings report as a public entity showed Q2 2026 revenue of $7.8 billion, demolishing the Bloomberg consensus estimate of roughly $6.81 billion by nearly a full billion dollars. Adjusted EBITDA came in at $3.5 billion, almost 75% above the $2.0 billion analysts had penciled in. The numbers behind the hype SpaceX jumped from $4.7 billion in the prior quarter to $7.8 billion in Q2, a sequential leap of roughly 66%. The company’s full-year 2025 revenue was $18.7 billion, meaning it just generated nearly 42% of last year’s total in a single quarter. AI revenue hit $818 million in Q1 2026 alone. The company has projected that data-center deals could eventually yield $28 billion annually. The cash burn problem SpaceX posted a net loss of $4.9 billion for the entirety of 2025. It followed that up with a $4.3 billion loss in Q1 2026 alone. The expected Q2 loss sits around $1.9 billion. Shares closed at $114 on August 3, down approximately 15% from the IPO price set just two months earlier in June...