SpaceX, Elon Musk’s space company, has exceeded analysts’ expectations with its first quarterly report as a publicly listed firm. At the same time, the company continues to spend vast amounts of money to realise a future with artificial intelligence and human colonisation of Mars.
SpaceX shares rose sharply after the biggest stock market flotation ever, about two months ago. Since then, however, the share price has fallen back and is now trading below both its record high of $200 and its issue price of $135.
The quarterly figures are better than expected. The space, satellite and AI company generated revenue of $7.8 billion in the second quarter of 2026, which ran from April through June.
Nevertheless, SpaceX remained loss-making: the company posted a net loss of $541 million in the second quarter. In the first three months of the year, SpaceX still recorded a loss of $4.3 billion.
The results, however, were well above the expectations of analysts surveyed by FactSet. On average, they had been expecting revenue of $6.8 billion and a net loss of $1.9 billion.
SpaceX comprises several activities. The actual parent company, officially Space Exploration Technologies Corp, develops and launches rockets and spacecraft, including the Falcon rockets, Dragon capsules and Starship.
Starlink provides broadband Internet via a constellation of thousands of satellites and is currently SpaceX’s largest source of revenue.
Starshield focuses on military and government contracts, such as secure satellite communications and observation satellites for, among others, the US Department of Defense.
Swarm Technologies, acquired in 2021, develops IoT (Internet of Things) services via small satellites for applications such as logistics, agriculture and infrastructure.
Capex
An important point of attention is capital expenditure (capex). These investments have grown into one of the key financial indicators in the technology sector, as companies worldwide spend billions in an effort to gain an edge in the AI race.
In the first quarter alone, SpaceX invested more than $10 billion in capital expenditure, largely focused on AI infrastructure. In the second quarter, a further $18.4 billion was added, significantly more than the $13 billion expected by analysts.
SpaceX is also on the verge of acquiring around 130,000 hectares of marshland in southern Louisiana. The site could be used for future Starship tests, launch activities and other space infrastructure for Elon Musk’s company.
The potential purchase involves a vast area on the Gulf Coast, near Pecan Island in the state of Louisiana. The site is strategically located thanks to access to waterways and its position facing open sea, which could make it suitable for large-scale space operations.
SpaceX is working on a major expansion of its Starship programme. The company aims to achieve a much higher launch frequency in the future and is therefore exploring multiple locations in addition to its existing base in South Texas.
In recent times, the state of Louisiana has taken measures to attract space companies, including potential tax benefits and legal protections for the aerospace sector.
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