SpaceX reported its first quarterly results since becoming a public company, posting second-quarter revenue of $7.8 billion, a 92% increase from a year earlier that beat analyst expectations. The company narrowed its net loss to $541 million from $1 billion in the year-ago period, driven by strong growth in its Starlink satellite internet division and a 247% jump in artificial intelligence revenue following its merger with xAI earlier this year.
Starlink reached 12 million subscribers by the end of June, though average monthly revenue per user fell 22% to $66. The connectivity division, which operates more than 10,200 satellites, remains the primary financial driver.
The earnings release follows a turbulent period for the stock, which has declined since its June 12 market debut at $150. A post-IPO lockup period expires this week, potentially freeing up to 20% of shares for sale. SpaceX's historic listing valued the company at roughly $1.75 trillion, making founder Elon Musk the world's first trillionaire.