SpaceX will release its first quarterly earnings report as a publicly traded company on Tuesday, August 4, giving investors a detailed look at the performance of its launch, Starlink and artificial intelligence businesses.
The report arrives with SpaceX stock under pressure. Shares closed Monday at $114.46, below the $135 IPO price and almost 50% lower than their June peak of about $225. Investors are looking for evidence that Starlink’s profits can support heavy spending on AI, Starship and orbital infrastructure.
What time will SpaceX report earnings?
SpaceX will publish its fiscal second-quarter results after the US stock market closes. Management’s audio conference call will begin at 4:30 p.m. ET, or 3:30 p.m. CT, according to the company’s official Q2 earnings event page.
The report covers the quarter ending in June. Revenue and loss figures published before the announcement remain analyst estimates and should not be treated as confirmed results.
SpaceX Q2 revenue and loss estimates
Analysts surveyed by LSEG expect approximately $6.93 billion in revenue and a loss of 26 cents per share. Bloomberg consensus places revenue near $6.81 billion and the adjusted loss at 24 cents per share.
A FactSet survey projects a net loss of about $1.9 billion, or 23 cents per share. The estimates vary because analysts may use different accounting assumptions for SpaceX’s newly combined businesses.
SpaceX lost approximately $4.9 billion in 2025. Investors will therefore examine cash flow, operating margins and capital expenditure alongside the headline revenue and per-share figures.
Starlink remains the main profit engine
StreetAccount estimates SpaceX will generate about $3.83 billion from connectivity during the quarter, compared with $835 million from space operations and $2.18 billion from AI.
The connectivity division generated $11.39 billion in revenue during 2025, accounting for 61% of company sales. It produced $4.42 billion in income and was SpaceX’s only profitable operating segment last year.
Starlink uses more than 10,200 satellites in low Earth orbit. SpaceX said in June that the service had passed 12 million subscribers across residential, business, aviation, maritime, government and military markets.
The company also introduced a $10 monthly equipment rental fee alongside changes to some subscription prices. Subscriber additions, customer retention and average revenue per user will indicate whether Starlink can remain SpaceX’s strongest commercial business.
AI investment presents a financial test
SpaceX incorporated xAI’s data centers, Grok models and the X social platform after merging with xAI in February. The company has said it intends to prioritize investment in AI applications and computing infrastructure, including longer-term plans involving orbital data centers.
SpaceX reported capital expenditure of $10.1 billion in the first quarter, with approximately $7.7 billion attributed to AI. FactSet estimates second-quarter capital expenditure could reach about $13.2 billion.
In June, SpaceX agreed to acquire Anysphere, the company behind the Cursor AI coding platform, for approximately $60 billion. The transaction is expected to close during the third quarter, subject to the required conditions.
The acquisition could add enterprise software revenue but also raises questions about integration costs and capital allocation. SpaceX’s earlier IPO and Grok AI strategy shows why investors are seeking clearer returns from its technology investments.
Starship progress could affect investor confidence
Starship successfully deployed satellites during its latest orbital test after an earlier launch attempt was abandoned. The next flight could include an attempt to catch the returning upper stage with the launch tower’s mechanical arms, subject to a review of mission data.
Deutsche Bank analyst Edison Yu has estimated a late-August or September window for Flight 14, although SpaceX has not confirmed a date. Starship is expected to deploy larger Starlink V3 satellites, support NASA’s lunar plans and potentially reduce launch costs through greater reusability.
Lockup expiration adds pressure
The first stage of SpaceX’s post-IPO lockup expiration begins Thursday. More than 900,000 shares are expected to become eligible for trading, more than doubling the amount currently available in the public market. Further shares will be released in later stages.
Phillip Capital recently issued a rare sell rating with a $75 price target, citing large losses and expectations that negative cash flow could continue through at least 2030. Other analysts remain more optimistic about Starlink growth and Starship’s long-term potential.
Questions about Tesla may remain unanswered
Elon Musk could face questions about reports of a possible combination between SpaceX and Tesla. Neither company has confirmed merger plans, and securities regulations may restrict what management can discuss during the earnings call.
The confirmed revenue, segment profitability, Starlink subscriber growth, AI expenditure, Starship costs and management outlook will provide a clearer measure of whether SpaceX’s connectivity business can finance its broader ambitions.
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