SpaceX posted Q2 2026 revenue of $7.8 billion on Tuesday, beating analyst estimates of $6.81 billion. The company's digital asset holdings dropped 33% to $1.098 billion from $1.637 billion at the end of 2025, a decline the company attributed to price weakness rather than active selling. Shares closed 9.43% higher at $125.33 but then slid over 8% in after-hours trading.
Crypto holdings slide
SpaceX remains the largest diversified public holder of Bitcoin, with 18,712 BTC on its balance sheet. The $539 million decline in digital asset value came entirely from market depreciation, not from any sale of tokens. The company didn't disclose whether it added to its position during the quarter.
Starlink and AI drive growth
Starlink revenue hit $4.291 billion, up 66% year-over-year, as subscribers doubled to 12 million. Average revenue per user held steady at $66 per month. The AI segment brought in $2.561 billion, a 247% annual jump, and its operating loss narrowed to $1.257 billion from a wider loss a year ago. Adjusted EBITDA surged 191% to $3.538 billion, well above the roughly $2 billion analysts had expected. Loss per share came in at $0.09, better than the $0.24 loss forecast.
Heavy capex and the Cursor deal
Capital expenditure in Q2 totaled $18.369 billion, with the AI segment accounting for $15.828 billion. Compute capacity expanded to 1.4 gigawatts from 1 GW in Q1. SpaceX also disclosed a $60 billion agreement to acquire Cursor, an AI coding tool, expected to close this quarter. The company ended the period with $100 billion in cash and securities and a $47.5 billion backlog.
Space segment under pressure
Space revenue rose 29% to $962 million, but the segment's operating loss widened to $542 million, driven by Starship research and development costs. The heavy spending on next-generation launch systems continues to weigh on profitability even as the core business grows.
Market reaction
Investors initially cheered the beat, sending shares up nearly 10% in regular trading. But the after-hours reversal erased those gains and then some. The drop came despite the strong earnings report, suggesting some traders may have been disappointed by the crypto write-down or the widening space loss. The Cursor acquisition is expected to close before the end of the quarter.
