SpaceX reported its first quarterly earnings since its June IPO on Wednesday, beating Wall Street revenue estimates but revealing a $540 million loss on its Bitcoin holdings. The company's 18,712 BTC treasury lost value over the past six months, though overall losses narrowed compared to prior periods.
The Bitcoin hit
SpaceX's Bitcoin position, worth roughly $1.2 billion at the time of its IPO in June, has since dropped by $540 million. The company did not disclose whether it sold any of the cryptocurrency during the quarter. The loss reflects the broader crypto market downturn this year, with Bitcoin trading well below its 2025 highs.
The holding is one of the largest corporate Bitcoin treasuries among public companies. SpaceX first added Bitcoin to its balance sheet in 2021, and the stake has been a point of investor curiosity since the IPO filing.
Revenue beats Street
Despite the crypto drag, SpaceX's top line exceeded analyst expectations. Revenue from its Starlink satellite internet service and government launch contracts drove the beat. The company has been scaling Starlink's subscriber base rapidly, and NASA and Pentagon contracts provide a steady revenue stream.
Wall Street had modeled modest growth, but SpaceX delivered stronger-than-expected numbers, suggesting its core space operations are humming.
Losses narrow
SpaceX's net loss narrowed in the quarter, even after accounting for the Bitcoin writedown. That means the underlying business improved its profitability — a key metric for investors who bought into the June IPO at a valuation north of $150 billion.
The company has historically burned cash on R&D for Starship and other projects. The narrower loss signals that Starlink's growing revenue is starting to offset those costs.
What investors are watching
SpaceX's next quarterly report, due in November, will show whether the company holds or reduces its Bitcoin exposure. The crypto market remains volatile, and a further drop could erase more of the treasury's value. For now, the earnings debut gives shareholders a mixed picture: a strong business with a risky side bet.
