#SpaceX上市后首份财报跌11% SpaceX (SPCX) went public less than two months ago and has delivered its first earnings report: second-quarter revenue was $7.814 billion, up 92% year over year. Net loss narrowed from $1.008 billion to $541 million. Adjusted EBITDA was $3.538 billion, up 191% year over year 📈. Three major business segments all accelerated—connectivity revenue led by Starlink was $4.291 billion (+66%). Subscribers doubled to 12 million, and it remains the only profitable segment; AI revenue was $2.561 billion (+247%), with losses sharply narrowing quarter over quarter and adjusted EBITDA turning positive. The main reason for the reduced losses was the ramp-up from the new cloud services agreements and increased Grok/X subscriptions.
However, capital expenditures of $18.369 billion far exceeded the expected $13.2 billion. Of that, $15.828 billion went into AI compute power (the Memphis Colossus data center, with an end-of-year target of 2 GW), which triggered a more than 8% drop in the stock price after hours 📉. In other words, the good news of “revenue doubling + AI loss reduction” was overshadowed by the bad news of the “rate at which AI is burning cash”—Starlink’s cash generation still can’t fully cover the dual-track heavy reinvestment in AI and Starship.
Near term 📉: cash flow is under pressure, and capital expenditures are expected to stay elevated over the next two quarters. At the same time, SPCX has already fallen below its $135 issue price after dropping from a peak of $225. Nasdaq-tracking funds such as QQQ and /NQ are also facing valuation digestion pressure amid an AI-capex wave.
Long term 📈: Starlink + AI compute + Starship form a scarce infrastructure combination. The $47.5 billion in pending orders to be fulfilled and a $100 billion cash reserve provide a safety cushion. After a sufficient pullback, it has long-term allocation value.
$SPCX
$QQQ
However, capital expenditures of $18.369 billion far exceeded the expected $13.2 billion. Of that, $15.828 billion went into AI compute power (the Memphis Colossus data center, with an end-of-year target of 2 GW), which triggered a more than 8% drop in the stock price after hours 📉. In other words, the good news of “revenue doubling + AI loss reduction” was overshadowed by the bad news of the “rate at which AI is burning cash”—Starlink’s cash generation still can’t fully cover the dual-track heavy reinvestment in AI and Starship.
Near term 📉: cash flow is under pressure, and capital expenditures are expected to stay elevated over the next two quarters. At the same time, SPCX has already fallen below its $135 issue price after dropping from a peak of $225. Nasdaq-tracking funds such as QQQ and /NQ are also facing valuation digestion pressure amid an AI-capex wave.
Long term 📈: Starlink + AI compute + Starship form a scarce infrastructure combination. The $47.5 billion in pending orders to be fulfilled and a $100 billion cash reserve provide a safety cushion. After a sufficient pullback, it has long-term allocation value.
$SPCX
$QQQ