NEW YORK: SpaceX Q2 revenue rose about 92% to USD 7.81 billion, beating market expectations in the company’s first quarterly report since its June public listing.
Space Exploration Technologies Corp. (NASDAQ: SPCX) reported a quarterly net loss of USD 541 million, or 9 cents per share. The result was narrower than analysts had expected, according to post-earnings reports.
Starlink remained the company’s main revenue source as its subscriber base doubled to about 12 million. SpaceX also reported growth in government, enterprise and artificial intelligence-related operations.
However, SPCX shares fell about 7% to 8% in after-hours trading. Investors focused on capital expenditure, which climbed to about USD 18.4 billion from USD 2.8 billion a year earlier as SpaceX expanded its AI infrastructure and other projects.
The company is investing across Starlink, its Starship launch system and an emerging AI computing business. The supplied report said the stock decline reflected doubts about whether current earnings could support expectations for all three operations.
SpaceX completed its initial public offering on June 15, selling shares at USD 135 each. Its Class A stock trades under the SPCX symbol on Nasdaq, according to filings with the United States Securities and Exchange Commission.
Read: SpaceX Shares Fall Below $135 IPO Price for First Time
The shares closed at USD 114.46 on Monday before the report, below both their IPO price and a June peak of about USD 225. A scheduled lockup expiration, which will allow more insider shares to enter the market, has also weighed on investor sentiment.
