Revenue of 7.8 billion but loss of 541 million: SpaceX (SPCX.US) Bitcoin depreciation causes stock price shock

According to Woofun AI, Musk's SpaceX (SPCX.US) disclosed its first quarterly earnings report after listing on Tuesday, and the market reaction was intense. Despite strong performance in the main business, the depreciation of crypto assets has put pressure on net profit, causing significant fluctuations in stock prices.

Second-quarter revenue reached $7.8 billion, significantly exceeding Wall Street's estimate of $6.9 billion. Thanks to the rapid expansion of rocket launches, Starlink, and artificial intelligence businesses, quarterly losses narrowed to $541 million, a significant improvement over last year's $1 billion. Adjusted EBITDA nearly tripled to $3.5 billion, indicating an increase in core business profitability.

According to data compiled by Woofun AI, the value of SpaceX (SPCX.US) digital assets fell from $1.64 billion at the end of 2025 to $1.1 billion in the second quarter. According to the IPO documents, as of March 31, the company held 18,712 bitcoins at a cost of about $661 million, which was worth $1.29 billion at the time. The financial report did not disclose the specific number of positions held and the reason for the impairment. Affected by this, SPCX.US shares fell 6%, while the intraday rise was nearly 10%; the Nasdaq 100 index rose 3.3% during the same period.

The release of this financial report is less than two months after a record IPO of US$86 billion, which is a critical testing period. On August 6, the sale ban on approximately 912 million shares held by employees and early investors will be lifted, and tradable shares may increase. Although the stock price has recovered from the slump after the IPO, it is still nearly 50% below the record high of $225 after the June listing, and there is still pressure to pull back the valuation.