Less than two months after its record $86 billion IPO, SpaceX has reported to shareholders for the first time — and the numbers tell two different stories. The core business is growing faster than Wall Street expected. The bitcoin on its balance sheet did not cooperate.
Second-quarter revenue came in at $7.8 billion, well above the $6.9 billion analysts had projected. Net loss narrowed to $541 million from $1.0 billion a year earlier, and adjusted EBITDA nearly tripled to $3.5 billion, driven by launch, Starlink, and the company's growing AI business. Capital spending also ran hotter than expected, hitting $18.4 billion.
The bitcoin side of the ledger looked different. SpaceX holds 18,712 BTC and sold none of it during the quarter. But bitcoin's price fell roughly a third over that stretch, and the value of the holding dropped to $1.1 billion as of June 30, down from $1.64 billion at the end of December — a $540 million paper loss.
It's worth being precise about what that number means. This is a mark-to-market accounting adjustment, not a realized loss — standard practice for any company carrying crypto on its books. The coins are still there, and measured against SpaceX's roughly $661 million cost basis, the position remains solidly in the black overall. Still, seeing a large corporate holder post a headline loss figure tends to remind investors just how volatile these treasury bets can look on paper.
Investors reacted in two waves. Shares closed the regular session up nearly 10%, then slid 6-7% after hours once the earnings landed. The timing matters: the report dropped two days before a major unlock event on August 6, when roughly 912 million employee and early-investor shares become eligible for sale, and the market appears to be pricing that in already.
SpaceX isn't the only Musk company sitting on bitcoin — Tesla holds 11,509 BTC. Both rank among the largest corporate bitcoin holders, and both have stuck to the same playbook: hold through the dips rather than sell. Whether that holds if bitcoin keeps sliding through the next few quarters is the open question.
