SpaceX spends $18.4B in a single quarter, and investors are not convinced

SpaceX just posted its first full earnings report as a public company, and the numbers tell two very different stories at once. Revenue nearly doubled. Capital expenditure exploded by more than six times. Investors, apparently, focused on the second part. After-hours trading following the announcement saw SpaceX shares fall between 7% and 12%, a pointed signal that Wall Street is not simply impressed by growth when the bill for that growth is this large. The numbers, laid out plainly For the quarter ended June 30, 2026, SpaceX reported $7.8 billion in revenue, a 92% increase compared to the same period a year earlier. At SpaceX, it was overshadowed by $18.4 billion in capital expenditures during the same three months. To put that ratio in perspective: the company spent roughly $2.36 for every $1 it brought in. Of that $18.4 billion in capex, $15.8 billion went toward artificial intelligence infrastructure. One year earlier, total capex for the equivalent quarter was $2.8 billion. The net loss for the quarter narrowed to $541 million. Adjusted EBITDA came in at $3.5 billion. Starlink, the satellite internet division, contributed $4.3 billion of the $7.8 billion in quarterly revenue,...