The first quarterly results of a listed company are always carefully scrutinized. For SpaceX, this second quarter has a special dimension. Beyond its financial performance, investors want to measure the impact of its bitcoin strategy. At a time when companies holding cryptos are increasingly influencing the markets, these accounts constitute a valuable indicator of the health of Elon Musk’s group… and a signal likely to fuel anticipations about the future of strategic crypto reserves.
In brief
- SpaceX crosses the $7.8 billion revenue mark in Q2 2026, surpassing Wall Street forecasts ($6.9 billion).
- The firm narrows its net loss to $541 million and nearly triples its adjusted EBITDA to $3.5 billion.
- The book value of digital assets stands at $1.10 billion, marking a decline of $540 million compared to the end of 2025.
- The imminent release of 912 million tradable shares on August 6 brings short-term uncertainty to the SPCX stock price.
SpaceX operational performance above Wall Street forecasts
SpaceX released its first quarterly results as a publicly traded company on Tuesday, revealing particularly strong financial numbers that beat market estimates. Here are the key elements retained by analysts for the second quarter:
- Overall revenue: $7.8 billion recorded in the quarter, significantly exceeding Wall Street consensus expectations of $6.9 billion;
- A reduction in net loss: $541 million in quarterly net loss, marking a marked improvement from the $1 billion loss recorded a year earlier;
- Adjusted EBITDA: $3.5 billion, a figure that almost tripled over the period;
- The stock market closing price: an increase of 9.43% to $125.33 at the close of the regular session on Tuesday, in a market driven by the 3.3% increase in the Nasdaq 100.
This financial dynamic is explained by an acceleration in growth observed simultaneously in all of its branches of activity, namely space launch services, the Starlink satellite network and operations linked to artificial intelligence. The publication comes less than two months after the company’s historic IPO, marked by a record fundraising of $86 billion.
The depreciation of the Bitcoin reserve: an accounting decline of $540 million
Crypto investors were closely watching the company’s bitcoin (BTC) holdings disclosures. SpaceX reported $1.10 billion in assets at the end of the second quarter, compared to $1.64 billion recorded at the end of 2025, materializing a $540 million decline in the overall value of its crypto treasury. SpaceX’s IPO document stated that as of March 31, the company held 18,712 bitcoins, acquired for approximately $661 million and valued at $1.29 billion as of that date.
The financial report published this Tuesday by Elon Musk’s firm, however, limited itself to indicating the book value of its cryptos, without disclosing the exact number of bitcoins currently kept in its wallets or formally explaining the reasons for this overall drop in value. Immediately following the release of the financial report, SPCX stock fell 6% in after-hours trading. Although shares have recovered from the post-IPO selloff, the price still remains nearly 50% below its all-time high of $225 reached shortly after its initial listing in June.
The ordeal of the stock market lock-up and the reaction of the institutional ecosystem
The company is now preparing to go through a major stock market and financial test on August 6, when approximately 912 million shares held by employees and historical investors will become tradable on the market.
The expiration of this lock-up period results in a significant increase in the potential float of the stock, which could lead to increased volatility in the very short term. Thus, the market’s ability to absorb this flow of actions while digesting the accounting revaluation of Bitcoin reserves will constitute a decisive indicator for the stability of the title.
At the same time, the joint holding of more than 30,000 bitcoins by the entities led by Elon Musk, namely SpaceX and Tesla, continues to place the company at the heart of debates on the institutional adoption of cryptos by Tech giants.
If the net reduction in SpaceX’s losses confirms the maturity of its industrial model, the relative opacity surrounding the precise movements of its crypto cash recalls the permanent tension between stock market accounting requirements and management of highly volatile assets. Investors will need to monitor whether the strong spatial fundamentals manage to fully offset the fluctuations inherent in the crypto market in the future.
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