SpaceX Surprises Wall Street With Better-than-expected Results

The first quarterly results of a listed company are always closely scrutinized. For SpaceX, this second quarter takes on a special significance. Beyond its financial performance, investors want to measure the impact of its strategy around bitcoin. At a time when companies holding cryptos are increasingly influencing markets, these accounts are a valuable indicator of the health of Elon Musk’s group… and a signal likely to feed expectations about the future of strategic crypto reserves.

SpaceX’s operational performance exceeds Wall Street forecasts

SpaceX published its first quarterly results as a publicly listed company on Tuesday, revealing particularly strong financial figures that surpass market estimates. Here are the key points noted by analysts for the second quarter :

• Total revenue : $7.8 billion recorded for the quarter, significantly exceeding Wall Street consensus expectations set at $6.9 billion ;
• Reduction in net loss : $541 million quarterly net loss, marking a marked improvement compared to the $1 billion loss recorded a year earlier ;
• Adjusted EBITDA : $3.5 billion, nearly tripling in the period ;
• Stock closing price : an increase of 9.43% to $125.33 at the close of regular trading on Tuesday, in a market boosted by a 3.3% rise in the Nasdaq 100.

This financial momentum is explained by an acceleration of growth observed simultaneously across all its business segments, namely space launch services, the Starlink satellite network, and AI-related operations. The publication comes less than two months after the company’s historic stock market debut, marked by a record fundraising of $86 billion.

Bitcoin reserve depreciation: a $540 million accounting decline

Crypto investors were closely watching statements regarding the company’s bitcoin (BTC) holdings. SpaceX reported $1.10 billion in assets at the end of the second quarter, compared to $1.64 billion recorded at the end of 2025, reflecting a decline of $540 million in the overall value of its crypto treasury. SpaceX’s IPO document indicated that as of March 31, the company held 18,712 bitcoins, acquired for about $661 million and valued at $1.29 billion at that date.

The financial report published this Tuesday by Elon Musk’s company did however limit itself to stating the book value of its cryptos, without disclosing the exact number of bitcoins currently held in its wallets nor formally explaining the reasons for this overall value decrease. Immediately following the publication of the financial report, SPCX shares fell 6% in after-hours trading. Although shares recovered after the post-IPO drop, the price remains nearly 50% below its all-time high of $225 reached shortly after its initial listing in June.

The stock lock-up challenge and the institutional ecosystem’s reaction

The company is now preparing to undergo a major stock market and financial test on August 6, when about 912 million shares held by employees and historic investors will become tradable on the market.

The expiration of this lock-up period results in a significant increase in the potential floating stock, which could lead to heightened short-term volatility. Thus, the market’s ability to absorb this share flow while digesting the accounting revaluation of Bitcoin reserves will be a decisive indicator for the stock’s stability.

At the same time, the joint holding of over 30,000 bitcoins by entities led by Elon Musk, namely SpaceX and Tesla, continues to place the company at the heart of debates on the institutional adoption of cryptos by tech giants.

While SpaceX’s net loss reduction confirms the maturity of its industrial model, the relative opacity surrounding the precise movements of its crypto treasury recalls the ongoing tension between stock market accounting requirements and management of highly volatile assets. Investors will need to watch whether the strength of the space fundamentals can fully offset the inherent fluctuations of the crypto market in the future.