Overview
- In its first public quarter SpaceX reported about $7.8 billion in revenue, a $541 million net loss, and roughly $18.4 billion in capital expenditures.
- Starlink produced roughly $4.3 billion of revenue, reached about 12 million subscribers, and generated near $1.66 billion of operating income for the quarter.
- SpaceX’s AI business brought in roughly $2.5–$2.6 billion of revenue while accounting for about $15.8 billion of the quarter’s capex as the company builds multi‑gigawatt compute capacity.
- The stock’s post-IPO trading has been volatile because of a large IPO valuation, staged insider lockup expirations, a small public float and meaningful short interest, with shares swinging between roughly $225 and $105 before recovering near $140.
- Investors and analysts are sharply divided on the outlook, with David Einhorn warning the IPO price could mark a speculative peak and Morgan Stanley’s Adam Jonas arguing for major upside, and key near-term catalysts include AI contract ramps, xAI integration, further lockup releases and Starship test progress.