SpaceX reported its first quarterly earnings as a public company after market close on August 4, 2026. The results were a genuine beat on revenue and a significant beat on EPS. The stock rose 9.43% during the trading day in anticipation, reaching $125.33. Then the capex figures landed and the stock dropped 8.56% in after-hours trading to $114.60.
The pattern — beat on the top line, sell on the cost line — will define how SPCX is analyzed for the foreseeable future. Here is what the numbers actually say.
The Q2 2026 Numbers
- Revenue: $7.81 billion vs. $6.93 billion expected — beat by $880 million. Up 92% year-over-year from $4.1 billion in Q2 2025.
- EPS: -$0.09 per share vs. -$0.26 expected — dramatically beat. Net loss narrowed to $541 million from $1 billion a year earlier.
- Adjusted EBITDA: $3.5 billion — up 191% year-over-year. The underlying business profitability is strong.
- Capital expenditures: $18.37 billion — vs. $13.22 billion expected. Up more than sixfold from a year earlier. $15.83 billion of that $18.37 billion went into AI infrastructure.
- Starlink subscribers: 12 million — up 17% quarter-over-quarter, doubled from a year earlier.
- Connectivity segment revenue: $4.3 billion — Starlink's contribution, up sharply.
- AI segment revenue: $2.6 billion — up 247% year-over-year.
- Cash and equivalents: $93.5 billion — up from $24.7 billion at end of Q1 2026, reflecting IPO proceeds. Debt and finance leases: $36.8 billion.
SpaceX also disclosed a forward projection that will drive discussion for months: a $100 billion annualized revenue run rate by end-2026, and an internal forecast of $1 trillion in annual revenue moved forward to 2030 from 2031. CFO Bret Johnsen: "2026 has been a momentous year so far, and the second quarter demonstrated the true power of SpaceX."
Why the Stock Dropped After a Revenue Beat
The $18.37 billion in quarterly capex is the number that spooked investors. At that rate, SpaceX would spend $73 billion on capital expenditures in a single year — more than the annual GDP of many countries, more than the company raised in its entire IPO, and nearly double the analyst consensus of $13.22 billion. The vast majority ($15.83 billion) went into AI infrastructure — the xAI business that generated a $6.355 billion operating loss in Q1.
The math that investors are doing in after-hours: if SpaceX is spending $18 billion per quarter on capex while generating $7.8 billion in quarterly revenue, the company is consuming cash at a rate that even its $93.5 billion post-IPO treasury cannot sustain indefinitely without the xAI business generating returns. The bull case requires believing the AI segment's 247% revenue growth continues to compound until capex begins to yield profit. The bear case is that xAI is a money-losing vanity project that will consume SpaceX's launch business cash flows for years.
The after-hours reaction is the market pricing the uncertainty between those two outcomes.
The Tokenized SPCX Angle
Tokenized SpaceX shares (bStocks: SPCXB) registered on RWA.xyz at $102.6 million in market cap on July 30, 2026 — five days before the earnings report. As the stock trades down 8.56% in after-hours to approximately $114.60, holders of tokenized SPCX through 1:1-backed products (Backpack/Sunrise on Solana, or the Backed Finance bSTOCKS products) experience the same price movement as Nasdaq SPCX holders.
The August 6 tranche unlock proceeds as scheduled. The first tranche releases up to 20% of eligible insider shares — 911.5 million shares — starting on August 6, the second full trading day after the earnings release, regardless of the earnings outcome. With the stock now at $114.60 in after-hours, that tranche is worth approximately $104.5 billion. The price-contingent tranche (an additional 10% if SPCX held above $175.50 for 5 of 10 days pre-earnings) does not trigger — the stock did not meet that threshold.
The week of August 4–8 is the most consequential in SPCX's public life. The earnings beat changes the narrative. The capex miss introduces a new one. The unlock supply shock arrives Friday regardless.
Holders of Hyperliquid SPCX perpetuals face the same fundamental exposure with the additional complexity of funding rates during what is shaping up to be a volatile week. Holders of 1:1 backed products face no leverage risk but full exposure to the underlying price movement.
→ Our SPCX earnings preview and lockup schedule
→ Tokenized equities hit $3.57B daily ATH — the infrastructure context