Anthropic · SpaceX · Elon Musk · New York · NPR Technology
SpaceX's revenue rises as its once-soaring stock price drifts back to Earth
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A view of the Nasdaq MarketSite after SpaceX company executives rang the opening bell to celebrate the launch of SpaceX's initial public offering (IPO) in New York on June 12, 2026.
Key facts
- Shares started trading at $150, and in mid-June shot to a intraday high of $225.64, but closed Tuesday at $125.33, well under the initial offering price
- On Tuesday the aerospace and artificial intelligence company reported a near-doubling in revenue over the same quarter last year to $7.8 billion, beating expectations
- The company spent $18.4 billion in capital investments during the quarter, and on an earnings call its founder Elon Musk sought to paint a picture of a company that is doing "big things
- More than $1 trillion has been erased from the company's market capitalization since the stock hit its mid-June peak
Summary
In its first quarterly report since offering shares to the public, Elon Musk's SpaceX announced soaring revenues and shrinking losses, but still not a profit. On Tuesday the aerospace and artificial intelligence company reported a near-doubling in revenue over the same quarter last year to $7.8 billion, beating expectations. The company spent $18.4 billion in capital investments during the quarter, and on an earnings call its founder Elon Musk sought to paint a picture of a company that is doing "big things. He said SpaceX is launching far more satellites into orbit than the rest of the world combined; it's developing a satellite communications network that is quickly growing its user base and may deliver "a majority of the world's internet" in less than 10 years; and it's standing on the cusp of deploying a heavy lift rocket that will revolutionize launches. "This is not some far future, distant thing," he said of the space data centers.