Space Exploration Technologies Corp. reported $7.814 billion in second-quarter revenue and a $541 million GAAP net loss, offering public investors their first detailed view of the company’s financial results since its June initial public offering. Revenue for the quarter ended June 30 was up 92% from $4.071 billion a year earlier, according to the company’s Form 10-Q filing with the Securities and Exchange Commission.
The results show a business expanding quickly while maintaining an unusually large investment program. The quarterly loss narrowed from $1.008 billion in the comparable 2025 period, but SpaceX also reported sharply higher research spending and, in a separate earnings release, $18.369 billion of capital expenditures. ABC News reported that the disclosure was SpaceX’s first earnings report since Class A shares began trading after the IPO in June.
Revenue growth narrowed the operating loss
SpaceX’s operating loss fell to $143 million in the second quarter from $970 million a year earlier. That $827 million improvement was substantial, but it did not eliminate the GAAP net loss. The company’s revenue increased by $3.743 billion year over year, while its net loss narrowed by $467 million. Those figures describe a markedly better quarter than the prior-year period without establishing GAAP profitability.
Research-and-development expense rose to $3.548 billion from $1.958 billion, an increase of $1.590 billion, or about 81%. The R&D total represented roughly 45% of quarterly revenue, compared with about 48% in the year-earlier period. Revenue therefore grew slightly faster than R&D in percentage terms, though the absolute increase in technical spending remained large.
The six-month figures underscore why one quarter is an incomplete measure of the company’s finances. For the first half of 2026, SpaceX recorded $12.508 billion in revenue and a consolidated net loss of $4.817 billion, the filing shows. That six-month loss should not be confused with the filing’s separate measure of loss attributable to common shareholders, which reflects a different accounting presentation.
Adjusted EBITDA and GAAP results tell different stories
Alongside the filing, SpaceX highlighted adjusted EBITDA of $3.538 billion for the quarter, compared with $1.214 billion a year earlier. The figure appeared in the company’s earnings release, reproduced by MarketScreener. It is a non-GAAP measure and is not interchangeable with net income or a finding that the company was profitable under GAAP.
The difference is consequential for investors assessing a newly public company. Adjusted EBITDA generally removes interest, taxes, depreciation and amortization, while company-defined adjustments can remove additional items. It can be useful for evaluating operations before those charges, but the $541 million GAAP net loss remains the standard earnings result reported in the SEC filing. The two measures address different parts of the company’s financial picture rather than contradicting one another.
SpaceX’s reported revenue also exceeded Wall Street expectations, according to ABC News, citing Bloomberg. Before the release, Morningstar Wealth’s Dominic Pappalardo told ABC that investors would be focused on whether the company could narrow its gap to profitability. The second-quarter filing supplies evidence of a narrower operating and net loss, while leaving the durability of that progress to subsequent reports.
Capital expenditures ran well above quarterly sales
The company’s reported $18.369 billion in second-quarter capital expenditures was about 2.35 times its $7.814 billion of revenue. Its earnings release assigned $15.828 billion, or roughly 86%, of the total capital-expenditure figure to AI. That spending detail comes from the release rather than the SEC financial-statement tables, so it should be read as a company-reported allocation of total investment spending.
Capital expenditure does not flow dollar for dollar into a period’s GAAP loss: investments in equipment and other long-lived assets are generally capitalized and recognized as expense over time through depreciation or related accounting charges. Still, the scale of reported spending illustrates the financial commitment behind SpaceX’s expansion and helps explain why revenue growth alone is not a complete test of its economics.
The earnings release also said new cloud-services agreements generated $14.1 billion in contracted sales. Contracted sales are not the same as revenue recognized in the June quarter; recognition depends on the timing and terms of the underlying agreements. For shareholders, the practical issue is whether contracted demand and expanding revenue can support research spending and the company’s capital program without continuing large GAAP losses.
