HAWTHORNE, Calif. — SpaceX will open its books to public investors for the first time on August 4, when it reports second-quarter results after the U.S. market close, the company confirmed. It will be the maiden earnings report for the most valuable newly public company in history and the first hard data on the businesses behind the ticker.
SpaceX went public on June 12 at $135 a share, in what was described as the largest IPO ever. The stock surged as high as $225.64 in the weeks that followed, briefly lifting the company's valuation above $2.6 trillion, before pulling back to close around $119.85 on Monday. The August report, covering the quarter that ended June 30, will give Wall Street its first chance to weigh fundamentals rather than sentiment.
Three engines under one roof
SpaceX now spans three divisions: a launch-and-space unit built around Falcon 9 and Starship, the Starlink satellite-internet service, and an artificial-intelligence arm that houses the Grok chatbot and the X platform following last year's merger. Investors have watched the launch business rack up an unmatched flight cadence, and they have watched Starlink scale into a genuine consumer utility. The report should finally quantify how those pieces fit together, much as recent commercial wins have shown the breadth of SpaceX's government and enterprise demand.
Starlink is the profit engine
The number many analysts will zero in on is Starlink. The service is SpaceX's most consistently profitable business, with roughly 10.3 million subscribers as of the first quarter and revenue up about 50% year over year. A network that adds satellites on nearly every Falcon 9 launch and signs up customers across broadband, aviation and maritime markets gives SpaceX a recurring-revenue base that few space companies can claim. For a stock that has swung hard since its debut, evidence of durable Starlink growth would go a long way toward steadying the story, a point bullish analysts have made even with shares below the IPO price.
