SpaceX posted a blowout first quarter as a public company. Revenue hit $7.8 billion, crushing Wall Street's $6.81 billion forecast by more than $900 million. Investors cheered briefly, pushing shares up 9.43% in regular trading, then dumped the stock 8% in after-hours as the earnings call kicked off.
The real story sits in two diverging narratives. Starlink and AI are running hot. Everything else, including the company's bitcoin stash, is under pressure.
Starlink Doubles Users, AI Losses Shrink Fast
Connectivity revenue surged to $4.291 billion, up 66% year-over-year, with operating income jumping 79% to $1.656 billion. Starlink subscribers hit 12 million, exactly double the count from a year prior. Each user still brings in $66 monthly, the same as Q1.
The AI segment tells a different kind of growth story. Revenue climbed 247% to $2.561 billion, driven largely by $14.1 billion in new cloud service contracts. What matters more: the operating loss halved to $1.257 billion, versus the $2.39 billion analysts had feared. Loss per share landed at $0.09, crushing the expected $0.24 miss. Adjusted EBITDA nearly tripled to $3.538 billion, more than 75% above Wall Street's $2 billion estimate.
Bitcoin Holdings Crater Without Any Selling
The balance sheet paints a grimmer picture for holders of SpaceX's digital assets. Bitcoin holdings fell from $1.637 billion in December to $1.098 billion by June 30, a 33% nosedive. Grayscale estimates SpaceX holds around 18,712 BTC, making it the largest diversified public holder of the asset. That June figure implies a carrying value near $58,700 per coin.
Here's the puzzle: Bitcoin traded near $64,073 on Tuesday, suggesting the company didn't sell. The math points squarely at price weakness, not liquidation. A small test transfer of $88 in July sparked rumors about potential sales, but nothing materialized. The decline came entirely from BTC's weakness across the first half of the year.
This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.
