SpaceX, Elon Musk's rocket and satellite company, released its first earnings report since its IPO, revealing mixed results but generally exceeding analyst expectations in several key areas. The company reported revenue of $7.8 billion, surpassing the estimated $6.81 billion. Its AI segment revenue also performed strongly, reaching $2.561 billion against an estimate of $2.08 billion.
Despite these positive revenue figures, SpaceX posted a net loss of $541 million. Capital expenditures were slightly below estimates at $18.37 billion compared to the projected $18.58 billion. In its operational segments, Starlink subscribers reached 12 million, falling slightly short of the 12.19 million estimate. However, the space segment net sales hit $962 million, exceeding the $873.7 million estimate, and connectivity segment revenue was $4.29 billion against an estimate of $3.88 billion.
This earnings report comes just two days before a significant lockup expiration on August 6, which will release a substantial amount of stock owned by insiders, employees, and early investors into the market. This event is expected to increase the public float and could introduce further volatility, potentially creating months of turbulent trading for the stock as supply increases.
