SpaceX has posted its first earnings report since going public, revealing that revenue nearly doubled year-on-year to $7.8 billion, even as the company recorded a $541 million loss and spent heavily on capital investment. The results underscore the gap between the excitement that drove the firm's record-breaking flotation and the financial realities now facing investors, with the stock having fallen well below its offering price.

SpaceX's shares debuted in early June 2026 at $150, surged to a peak of $225.64 before sliding to close at $125.33, wiping out more than $1 trillion in market value since the June high. The IPO raised around $75 billion, making it the largest listing on record, though only about 5% of shares were initially floated; a lockup expiry due to more than double the publicly tradable shares could add further selling pressure. Capital spending reached $18.4 billion in the quarter, with heavy investment split across Starlink, Starship and artificial intelligence infrastructure, which analysts say is eroding profits generated by Starlink.