Elon Musk’s SpaceX beat Wall Street revenue estimates in its first earnings report since June’s initial public offering (IPO), but the value of its 18,712 BTC treasury dropped $540 million in six months.
Key Takeaways
SpaceX posted $7.8 billion in Q2 revenue, beating the $6.9 billion analysts expected.SPCX fell 6% to $118 after hours as capital spending hit $18.4 billion, above the $13 billion forecast.SpaceX’s bitcoin fell to $1.10 billion by June 30, and a 912 million-share unlock looms on Aug. 6.Moreover, the company’s net loss narrowed to $541 million from $1.0 billion in the year-ago period, while adjusted earnings before interest, taxes, depreciation and amortization nearly tripled to $3.5 billion. For a firm that priced its June IPO at $135 per share amid questions about whether a rocket maker could ever show public-market discipline, the top-line beat was a statement.
The $540 Million Bitcoin DentBuried in the filing was a number the crypto market noticed, i.e. the value of SpaceX’s bitcoin holdings falling to $1.10 billion as of June 30, down from $1.64 billion at the end of 2025. The $540 million decline is a rough 33% price slump on the company’s full stash of 18,712 BTC.
SpaceX did not signal any intention to sell, and the position remains a rounding error next to an $18.4 billion quarterly capital expenditure bill. But with bitcoin trading near $64,000, the treasury that once burnished Musk’s crypto credentials is now a quarterly drag on reported results.
Despite the revenue beat, SPCX shares fell as much as 6% to about $118 in after-hours trading, unwinding a nearly 10% gain from the regular session. The share is currently trading at $125.
In any case, for crypto investors, SpaceX’s willingness to keep 18,712 BTC on its balance sheet through a 33% drawdown makes it one of the market’s most committed corporate holders. But its earnings debut is also a live demonstration of what bitcoin volatility does to public-company financials.
