SpaceX Q2 Revenue Surges 92% to $7.8 Billion, Exceeds Analyst Estimates

SpaceX’s first quarterly earnings as a public company landed the way the company tends to do most things: ahead of schedule and louder than expected. The aerospace giant reported $7.8 billion in Q2 2026 revenue, a 92% jump from the roughly $4.7 billion it posted in Q1, blowing past analyst estimates that had clustered between $6.8 billion and $6.9 billion.

Two businesses did the heavy lifting: Starlink, the satellite internet unit, and the AI segment SpaceX absorbed when it merged with xAI in February 2026.

Starlink ended Q1 with 10.3 million subscribers, roughly double where it was a year earlier.

SpaceX’s Nasdaq debut in June 2026, priced at $135 per share, raised $75 billion and became the largest IPO in history, briefly pushing the company’s valuation to around $1.8 trillion. Since then, the stock has pulled back somewhere between 30% and 50% from its peak, driven largely by unease about whether AI spending will convert to margins at the pace the market priced in at launch.

Buried in SpaceX’s financial disclosures is a detail that will interest a specific, vocal corner of the market: the company holds 18,712 BTC on its balance sheet, valued at approximately $1.3 billion as of March 31. The average acquisition cost sits around $35,000 per coin, meaning the position is comfortably in the money at current prices.

SpaceX is framing the Bitcoin holdings as a strategic cash reserve rather than a speculative bet. That framing mirrors the playbook used by MicroStrategy and, to a lesser extent, Tesla in earlier cycles, treating Bitcoin as a treasury asset rather than a trade.

SpaceX projected roughly 93% subscriber growth for Starlink across the full year of 2026. If Q2 earnings are any indication, the company is tracking toward or ahead of that target. The risk is on the cost side, as SpaceX is simultaneously funding launch infrastructure, satellite constellation expansion, and a newly integrated AI division.