SpaceX Q2 2026 Earnings: Revenue Beat, Capex Surge Sends SPCX Swinging

SpaceX reported second-quarter 2026 revenue of $7.81 billion on August 4, beating analyst estimates of $6.93 billion by roughly 13%, in the company's first earnings release since its landmark June IPO on the Nasdaq. SPCX shares rose 9.4% during the regular session before pulling back about 7% in after-hours trading, as a capital expenditure figure far above expectations dominated investor and analyst attention.

The results mark a milestone: SpaceX has been a public company for less than two months, and Tuesday's release is the first opportunity the market has had to evaluate its financials under public-company disclosure standards. Revenue growth of 92% year-over-year was the headline positive; the $18.37 billion capex figure was the headline concern.

Revenue and earnings summary

Revenue jumped to $7.81 billion from $4.1 billion in Q2 2025, a 92% increase year-over-year, versus the $6.93 billion analyst consensus, per CNBC's live earnings coverage. Net loss narrowed to $541 million from $1 billion a year earlier. On a per-share basis, the loss came in at $0.09, well below the consensus estimate of $0.26. The improvement in the per-share figure reflects both operating scale and tighter cost management across SpaceX's launch services and Starlink satellite internet divisions.

Capital expenditure: the headline risk

The figure that dominated post-earnings discussion was capital expenditure: $18.37 billion for the quarter, with $15.83 billion directed specifically at artificial intelligence infrastructure. That total exceeded the $13.22 billion average analyst estimate by approximately 39%, per CNBC. SpaceX did not provide forward capex guidance for the remainder of 2026 in its initial release.

The AI infrastructure spending aligns with the company's stated ambition to build large-scale compute capacity, though analysts flagged a tension between the investment pace and current revenue levels. Starship, the next-generation heavy-lift vehicle at the center of SpaceX's long-term growth thesis, and Starlink subscriber and revenue trajectory were both cited as the primary factors in justifying the company's valuation through the increased spending period.

Stock move in context

SPCX closed Tuesday's regular session at $125.33, a gain of 9.43% on the day on more than 113 million shares of volume. The stock had risen nearly 2% in pre-market trading ahead of the earnings release, per Benzinga. After earnings were released post-close, shares fell roughly 7% in extended trading as investors focused on the capex overage, per Fast Company's coverage of the session.

At $125.33, SPCX remains approximately 7% below its June 12 IPO price of $135 per share. The stock has declined about 16% over the past month from its post-IPO highs, though it is still up substantially from the $135 offer price in terms of where early investors acquired shares on the secondary market before the listing. SpaceX's market capitalization at the regular-session close stands at approximately $1.65 trillion. The company priced its IPO at a $1.77 trillion valuation, per CNBC's IPO coverage.

What to watch next

• Starship launch cadence and commercial payload contract announcements through H2 2026
• Starlink subscriber growth and revenue contribution in Q3 and full-year 2026 guidance
• Quarterly AI capex trend and any investor day guidance on total 2026 spending envelope
• Lockup expiration for pre-IPO shareholders, which typically falls 180 days after the June 12, 2026 listing date, in mid-December 2026

For ongoing SPCX price and valuation coverage, see the SpaceX hub page. The full SpaceX company profile is available at /startups/spacex.

Not investment advice.