BlockBeats news: On August 3, SpaceX will release its first quarterly earnings report since going public, following its June IPO. As the company’s first earnings disclosure since listing, the market will closely assess the performance of its three core businesses—rocket launches, Starlink satellite internet, and AI infrastructure—to determine whether its current high valuation is supported by actual results.
After its listing, SpaceX's stock price briefly reached a historic closing high of $201.80, then declined steadily, with its market capitalization once nearing $3 trillion and currently standing at approximately $1.4 trillion. According to FactSet data, the market expects SpaceX's second-quarter revenue to be around $6.88 billion, an earnings loss of $0.23 per share, and a quarterly EBITDA of approximately $2.1 billion. Full-year revenue expectations are around $39 billion, with EBITDA of approximately $17.3 billion.
AI business has become the biggest focus of this earnings report. In February this year, SpaceX acquired Elon Musk’s AI company, xAI, in an all-stock transaction and integrated the related operations into its corporate structure. Data shows that SpaceX’s AI business generated approximately $818 million in revenue in the first quarter, but incurred an operating loss of $2.5 billion, while investing $7.7 billion in capital expenditures for AI infrastructure and data center development. Investors will be closely watching the commercialization progress of the AI business and the revenue contributions from partnerships with companies such as Anthropic and Google.
Starlink remains SpaceX’s core revenue source. First-quarter data shows Starlink’s user base reached 10.3 million, with significant year-over-year growth. The market will focus on growth in enterprise and government customers, average revenue per user, and future satellite deployment plans.
In addition, investors will also monitor the commercial progress of Starship. This year, SpaceX has completed approximately 90 Falcon 9 launches and conducted its 13th Starship test flight in July, deploying 20 new-generation V3 satellites. Currently, SpaceX operates over 9,600 active satellites in low Earth orbit, and Musk plans to build a Starlink mega-constellation of up to 100,000 satellites in the future.
In addition to business data, the market is also concerned about price pressure from insider share lock-ups expiring. Approximately 20% of locked shares will become eligible for sale starting August 6, raising investor concerns that early shareholders' selling could increase market supply.
According to FactSet data, 28 out of 37 analysts covering SpaceX have issued buy or overweight ratings, with an average analyst target price of $236.72.