SpaceX to unveil first earnings report as public company
SpaceX will publish its inaugural earnings results as a publicly traded firm on Tuesday, with analysts watching revenue growth, AI segment performance and the impact on its share price.
SpaceX is scheduled to release its first earnings report as a public company after the market close on Tuesday, providing the first detailed financial snapshot since its June initial public offering, the largest IPO in U.S. history. The company’s shares have been trading around $110, roughly 19% below the $135 offer price and 51% below the June 16 intraday high of $225.64.
Analysts will focus on revenue growth, with the firm reporting $18.7 billion in revenue for the prior year but a net loss exceeding $4.9 billion, according to a regulatory filing. Melissa Otto, head of Visible Alpha research at S&P Global, expects second-quarter revenue of about $6.9 billion, driven primarily by the Starlink broadband satellite network, which she says should help offset losses in the space exploration and artificial-intelligence divisions. Nicolas Owens of Morningstar projects Starlink subscriber growth of 93% in 2026, following a 229% increase in 2025.
The performance of SpaceX’s AI business will also be scrutinized. A recent filing shows the AI segment generated $818 million in revenue in the first quarter of 2026, as the company expands compute infrastructure in orbit and develops the Grok chatbot acquired from xAI. The firm’s recent acquisition of the AI coding startup Cursor is expected to complement Grok’s roadmap.
"If SpaceX can grow this part of its business, it could be an important source of revenue in the next few years, along with Starlink and terrestrial data centers," said Jay Ritter, an IPO expert and professor at the University of Florida.
Market sentiment may hinge on the tone set by founder Elon Musk during the earnings call. Dan Ives, partner at Yorkville Ives & Co., noted that investors are looking for near-term targets that demonstrate progress toward the company’s longer-term vision.
"Investors are betting much more in the future, and [SpaceX needs] to give them near-term [targets] that they can hit to show the success, because the stock is based on the longer-term vision," Ives told CBS News.
The upcoming earnings release precedes the end of a lock-up period on Thursday, when roughly 911 million shares valued at about $100 billion will become tradable. Short sellers have already recorded more than $8 billion in losses betting against the company, but analysts expect some short covering could temper price volatility.
"Some of them will become buyers this week, soaking up shares that existing shareholders will be allowed to sell," Ritter said.