NEW YORK — SpaceX's debut earnings report delivered a blockbuster top line and an eye-popping war chest, with the company reporting roughly $7.81 billion in second-quarter revenue and finishing the period with about $93.5 billion in cash — a balance sheet few companies on Earth can match.
A Revenue Surge And A Cash Fortress
The results, SpaceX's first since its record June IPO, blew past expectations. Revenue jumped about 92% from a year earlier, topping the roughly $6.93 billion analysts had modeled, while the net loss narrowed sharply to $541 million from $1 billion a year ago. Adjusted EBITDA came in near $3.5 billion, well above the $2.0 billion consensus. Flush with IPO proceeds, SpaceX (NASDAQ: SPCX) grew its cash and equivalents to about $93.5 billion from $24.7 billion three months earlier, giving it enormous flexibility to fund its most ambitious projects. The scale of the quarter built on the revenue milestone we covered in our report on SpaceX's first-ever earnings.
Betting Big On AI
The headline of the quarter, though, was spending. Capital expenditures soared roughly sixfold to about $18.37 billion, with more than 80% — some $15.83 billion — directed at artificial intelligence infrastructure. On the call, Elon Musk said SpaceX would make Nvidia's next-generation Vera Rubin processors the exclusive chips for its AI buildout, a commitment that nudged Nvidia shares higher in extended trading. Musk also waved off a report of a separate $52 billion SpaceX-Nvidia GPU arrangement as inaccurate, keeping the focus on the company's own roadmap. The AI push follows the merger that folded xAI into SpaceX and dovetails with the compute deals underpinning the story we told in Starlink topping 10,800 satellites.
