SpaceX discloses financial results: revenue grows, but the company continues to incur losses due to AI investments

SpaceX disclosed its first financial report since the IPO in June on Tuesday (4). The company, led by Elon Musk, demonstrated revenue exceeding market expectations in the second quarter, driven mainly by the Starlink satellite internet service. However, the company continues to register significant losses due to high investments in artificial intelligence.

Total revenue reached US$ 7.8 billion (equivalent to R$ 40.2 billion), surpassing the projection of LSEG analysts, who expected US$ 6.9 billion (R$ 35.6 billion). This figure represents a significant increase of 92% compared to the US$ 4.1 billion (R$ 21.1 billion) recorded in the same period last year. Although the earnings per share was US$ 0.09 (R$ 0.46), this result was better than the market average expectation, which predicted a loss of US$ 0.26 (R$ 1.34) per share.

Segmented performance of SpaceX

Regarding operational segments, the connectivity division, which includes Starlink, remains the main revenue generator and the only profitable operation of the company. In this quarter, this division generated US$ 4.2 billion (R$ 22 billion), exceeding the estimate of US$ 3.8 billion (R$ 19.7 billion), with an operating profit of US$ 1.6 billion (R$ 8.5 billion). SpaceX announced that Starlink reached 12 million subscribers, doubling last year's number and growing 17% compared to the first quarter.

The space division, responsible for rocket launches and contracts with NASA, achieved revenue of US$ 962 million (R$ 4.9 billion), above the forecast of US$ 835 million (R$ 4.3 billion). Despite this, this sector ended the quarter with an operating loss of US$ 542 million (R$ 2.8 billion).

The Artificial Intelligence (AI) area generated US$ 2.5 billion (R$ 13.2 billion), also above the expectation of US$ 2.18 billion (R$ 11.2 billion), but registered an operating loss of US$ 1.2 billion (R$ 6.5 billion). High costs associated with AI infrastructure continue to put pressure on the company's finances. In 2025, SpaceX projected a loss of US$ 4.9 billion (R$ 25.2 billion), mainly due to these investments. In February, the company announced its merger with xAI, Elon Musk's AI startup, aiming to develop data centers in space.

SpaceX's financial situation since the IPO

Since the start of the stock market negotiations, the company's shares had fallen by approximately 16% until Monday's close, reflecting investor apprehension regarding substantial spending on AI and the profitability of space activities. After the release of the results, however, the market reacted positively, and SpaceX shares rose by 9.4% on Tuesday, closing the trading session quoted at US$ 125.33 (R$ 644.66). Even with the rise, the shares are still below the US$ 135 (R$ 694.40) level established in the IPO.

Regarding Starlink, SpaceX believes there is still vast growth potential, potentially establishing itself as the leading internet provider in large parts of the globe. This assessment was made by CEO Elon Musk during the results conference call. According to the executive, it is plausible that the satellite internet service could supply most of the world's connectivity.

Musk stated: 'It is not out of the question that, at some point, Starlink will provide most of the world's internet, at least in the countries where we have authorization to operate, which is the vast majority.'

He added that he predicts this scenario could materialize in less than ten years.

Additionally, the company formed a partnership with Nvidia to create space computing systems. These systems will be capable of running artificial intelligence models directly on solar-powered satellites. The two companies will collaborate on the Starmind AI1 project, an embedded computing platform that will use Nvidia Rubin GPUs and Vera CPUs to deliver performance comparable to terrestrial data centers. SpaceX's idea is to perform part of the processing in orbit and send only the results to Earth via the Starlink network, which would reduce latency and take advantage of constant solar energy in space.

Roberto Pena Spinelli, a physicist and AI specialist, expressed caution about the plan, stating: 'Everything you try to do in space is more complicated. Nowadays, I still think it's a big madness. (...) I don't think there is any chance of it being sustainable today or in the near future.'

Starship and its next steps

SpaceX plans to conduct the 14th test flight of Starship before the end of August. An important novelty will be the attempt to capture the rocket's upper stage using the arms of the launch tower. Elon Musk announced this on Tuesday (4), during the first quarterly results call since the IPO. Musk stated: 'Assuming we receive regulatory approval for this, we will try to capture the Ship with the tower in the next flight, which is provisionally scheduled for the end of this month.' The execution of this flight depends on obtaining the proper authorization from regulatory bodies.

The term 'Ship' refers to the upper stage of Starship, which is 52 meters high. The complete vehicle also features a first stage called Super Heavy. SpaceX has already captured the Super Heavy with the tower, but has not yet attempted this procedure with the Ship. In addition to the capture attempt, Flight 14 should be the first to place payloads into operational orbit, something unprecedented for Starship. The previous flight, the 13th, on July 24, transported 20 Starlink V3 satellites, but these were deployed in suborbital trajectory. If everything goes as planned, according to Musk, in Flight 14 these satellites will be inserted into operational orbit.

Rocket collision prediction on the Moon

Regarding the rocket destined for the Moon, an upper stage of the SpaceX Falcon 9, there was a predicted collision scheduled for 3:35 AM (Brasília time). Brazilian astronomers monitored the event live. By the close of the newsletter, no telescope managed to record this collision, and an update will be provided if any image is released by NASA.

olhardigital.com.brJuly 23, 18:12

SpaceX stock decline creates opportunities for speculative investors

SpaceX shares have experienced a devaluation in the capital market, which has created a substantial financial opportunity for investors betting on the company's decline. According to Reuters, these short positions have already generated an estimated profit of US$ 15.5 billion, equivalent to about R$ 78.7 billion since the Initial Public Offering (IPO).

The Strategy of Short Sellers

Although Elon Musk's company shares initially surpassed the IPO value, they have retreated in recent weeks and are now trading below the debut price, encouraging those who anticipate further losses.

So-called short sellers operate differently from conventional investors. They borrow shares, sell those securities, and plan to repurchase them later at a lower cost; the difference between the values is the profit made from the operation.

Price Movement and Market Analysis

In the specific case of SpaceX, shares reached a peak of US$ 225.64 (approximately R$ 1,146) after the IPO but subsequently lost momentum. The initial offering price was set at US$ 135 (about R$ 686), while the shares fell to a new low of US$ 115.26 (about R$ 586).

Ortex, a financial analysis firm, reported that about 360 million SpaceX shares were lent out by Tuesday, corresponding to approximately 56% of the total shares available for trading. Peter Hillerberg, co-founder of Ortex, stated that there were no indications that short sellers were realizing their gains with SpaceX, suggesting that these investors seem to be intensifying their positions rather than abandoning the negative bet.

Reasons for Negative Bets

The high valuation attributed to SpaceX is one of the main reasons cited by those betting on the stock's decline. Despite the company maintaining strong interest from both institutional and individual investors, a portion of the market questions whether the current share price adequately reflects the presented results.

Among the factors most cited by investors are the stock falling below the initial IPO price, growing concern over artificial intelligence costs, the company's overall high valuation, and the history of public conflicts between Elon Musk and short sellers. The risk of insolvency for companies holding a considerable short position in SpaceX for a long period is considered very low.

Focus on Artificial Intelligence Spending

Additionally, investments in artificial intelligence have drawn market attention. Reuters reported that the market is cautiously monitoring debt-financed expenditures in this area.

In parallel, Tesla, another Musk-led company, recorded negative free cash flow in the second quarter for the first time in over two years, while increasing investments in robotaxis, batteries, AI infrastructure, and new manufacturing methodologies. SpaceX did not provide immediate comment on the data released by Ortex. While a segment of the market trusts the company's long-term potential, another segment considers that the current valuation still carries significant risk.