SpaceX Q2 Revenue Jumps 92% to $7.8B, Beating Street Forecasts

SpaceX's first quarterly results as a newly listed company came in stronger than expected. The aerospace group reported Q2 2026 revenue of $7.8 billion, up 92% from about $4.7 billion in Q1, topping analyst expectations that clustered around $6.8 billion to $6.9 billion. Starlink and the AI business SpaceX brought in through its February 2026 merger with xAI were the primary growth drivers. Starlink ended Q1 with 10.3 million subscribers, roughly double the level from a year earlier. SpaceX began trading on Nasdaq in June 2026. The IPO was priced at $135 a share, raised $75 billion, and became the largest listing on record, briefly valuing the company at about $1.8 trillion. Since then, the shares have retreated roughly 30% to 50% from their peak amid investor concerns over whether AI-related spending will translate into margins as quickly as the market initially assumed. In its disclosures, SpaceX also reported holding 18,712 BTC on its balance sheet, valued at about $1.3 billion as of March 31. The average purchase price is approximately $35,000 per coin, leaving the position solidly in profit at current levels. The company describes the Bitcoin stake as a strategic cash reserve rather than a speculative trade—an approach reminiscent of MicroStrategy and, to a lesser extent, Tesla. Looking ahead, SpaceX forecast about 93% Starlink subscriber growth for full-year 2026, and Q2 performance suggests it is on track. The key watch item is costs, as the company continues to fund launch infrastructure, expand its satellite constellation, and scale its newly integrated AI division.