August 5, 2026, (Inside AI) — SpaceX reported its first quarterly results as a public company on Tuesday, posting revenue of $7.8 billion for the second quarter ended June, a 92% jump from $4.1 billion a year earlier. The figure surpassed the $6.9 billion consensus estimate, while the firm lost 9 cents a share, beating the expected 26-cent loss.
Despite the revenue beat, shares fell 4% in late trading after rising 9.4% during the regular session. The decline reflects investor unease over rising costs tied to artificial intelligence, even as the company’s AI revenue surged 350%. The stock remains below the $135 per share price at which SpaceX raised $75 billion in June’s record public offering.
The results arrive just ahead of a lockup expiration for 911 million previously restricted shares, a potential overhang that could amplify selling pressure. An additional 455 million shares could have been unlocked if the stock had hit certain thresholds, but the current price decline keeps them restricted for now.
Starlink subscriptions doubled to 12 million from 6 million, fueling the revenue growth alongside the AI segment. The sharp increase in AI revenue signals early monetization of the company’s heavy investments in the technology, a point that caught the attention of analysts.
“The two things that stood out to me are the doubling of Starlink subscriptions from 6 million to 12 million…and then the actual AI revenue was up 350%. … Those two numbers were absolutely the biggest outperforming data points.” Brian Mulberry, Chief Market Strategist at Zacks Investment Management, Golden, Colorado
Mulberry added that the direct AI monetization could ease concerns about capital expenditure, noting that the results might shift his firm’s timeline for taking a position. Yet the cost side remains a sticking point. SpaceX’s AI ambitions demand substantial infrastructure spending, a factor that weighed on margins and contributed to the after-hours stock dip.
The market’s reaction underscores a broader tension in the AI sector: rapid revenue growth often comes with escalating costs. SpaceX’s dual focus on satellite internet and AI puts it in a unique position, but it also means balancing two capital-intensive ventures.
Lockup Expiration Looms Over Stock
The impending release of 911 million shares adds another layer of uncertainty. Lockup expirations often lead to volatility, especially for high-profile IPOs. With 455 million more shares sidelined due to the stock’s underperformance, the immediate dilution risk is contained, but the psychological impact lingers.
“They made it very clear this is not a quarter-by-quarter play. Elon’s mission is a long-term mission… it’s perfectly normal to see fluctuations around highly anticipated IPOs within the first year, if not the first two years, of coming out and starting to trade.” Adam Sarhan, Chief Executive, 50 Park Investments, New York
Sarhan acknowledged the revenue jump but cautioned that meeting lofty Wall Street expectations is a perennial challenge. The 92% revenue growth, while impressive, was not enough to offset fears about AI spending. SpaceX’s ability to sustain such growth while controlling costs will be critical in the coming quarters.
Historical parallels exist. Companies like Amazon and Tesla faced similar skepticism in their early public years, as heavy investment phases depressed earnings. SpaceX’s trajectory may follow a similar path if it can demonstrate that AI and Starlink are not just revenue drivers but eventually profit centers. The 350% AI revenue surge suggests momentum, but the path to profitability remains unclear.
Looking ahead, the company’s next milestones include expanding Starlink’s global footprint and scaling AI services. The lockup expiration will test investor conviction, while the broader market’s appetite for high-growth, high-cost AI plays will shape sentiment. For now, SpaceX’s debut quarter offers a mixed picture: robust top-line growth overshadowed by the price of ambition.
