SpaceX beat Wall Street estimates in its first quarterly report as a public company. Revenue reached $7.8 billion against forecasts near $6.81 billion, while digital asset holdings fell to $1.098 billion.

The beat did not hold investor confidence. Shares closed 9.43% higher at $125.33, then dropped more than 8% in after-hours trading as the earnings call approached.

Starlink Carries the Quarter While AI Losses Narrow

Connectivity revenue reached $4.291 billion, up 66% from a year earlier. Operating income for the unit climbed 79% to $1.656 billion.

Starlink subscribers doubled over 12 months to 12 million. Average revenue per user held at $66 a month, unchanged from the first quarter.

The artificial intelligence segment brought in $2.561 billion, a 247% annual increase. New cloud services agreements worth $14.1 billion in contracted sales drove much of that gain.

Its operating loss narrowed to $1.257 billion, roughly half the $2.39 billion analysts had penciled in. Loss per share landed at $0.09, against expectations near a $0.24 loss.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 191% to $3.538 billion. Analysts had modeled about $2 billion, according to the scenarios Wall Street tracked before the print.

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SpaceX Crypto Holdings Shed $539 Million

The balance sheet tells a different story. Digital assets stood at $1.098 billion on June 30, down from $1.637 billion at the end of December.

That marks a 33% decline over six months. SpaceX does not break out coin counts in the release.

Grayscale has pegged the company’s stack at 18,712 BTC, the largest diversified public holder of the asset. Against that count, the June figure implies a carrying value near $58,700 per coin.

Bitcoin (BTC) changed hands near $64,073 on Tuesday, up 1.24% over 24 hours. The math therefore points to price weakness behind the drop rather than selling.

Sale rumors flared in July when the company moved $88 in bitcoin after months of dormancy. That small test transfer drew close attention from on-chain analysts.

Tesla showed a similar split in July. Its Bitcoin holdings lost value even as revenue topped forecasts.

Capital Spending Remains the Overhang

Second-quarter capital expenditure hit $18.369 billion. The AI segment absorbed $15.828 billion of that figure.

Compute capacity expanded to 1.4 gigawatts from 1 gigawatt in the first quarter.

SpaceX closed June with $100 billion in cash and securities, plus $47.5 billion in backlog. Management issued no formal guidance.

The company also disclosed a $60 billion agreement to buy Cursor, an AI coding tool, with closing expected this quarter.

Space revenue rose 29% to $962 million. However, the unit widened its operating loss to $542 million on Starship research spending.

Investors now face a familiar tension. Revenue growth is accelerating, yet capital intensity is climbing faster still.

The after-hours slide suggests the market wants a funding roadmap before it pays up for the numbers. Whether the call delivers one will shape the next leg for the stock.

Source: BeInCrypto