Analysts Had Predicted $6.93Bn

SpaceX beat Wall Street expectations in its first earnings report since going public, posting $7.81bn in revenue for the second quarter, a 92% jump from June. Analysts had predicted $6.93bn. The Elon Musk-run company still reported a loss of $541m, down from a $1bn loss a year earlier.

"The SpaceX team is solving some of the hardest engineering problems in the history of humanity, Musk said on an investor call. The results come after the company's stock plummeted 24% from its IPO peak, erasing nearly $500bn in market cap. Shares ticked down more than 8% in after-hours trading Tuesday.

"This report comes at an important time, the share price crashed and burned in recent weeks, it is down 50% from its peak and is trading below its IPO price, said Kathleen Brooks, research director at XTB. SpaceX reported $962m for space, $4.29bn for connectivity, and $2.56bn for AI, beating forecasts. The company also discussed plans to build a moon city, with president Gwynne Shotwell saying: We want to put boots on the moon by at least 2028. More than 900m lockup shares become tradable Thursday, more than double the current float, which could further weaken the share price.