Musk's SpaceX Tops Forecasts but Bitcoin Stash Sheds $540 Million

SpaceX delivered its first earnings report as a public company on Tuesday, beating Wall Street estimates with $7.8 billion in Q2 revenue — up 92% year-over-year and ahead of the $6.9 billion analysts expected. The company’s net loss narrowed to $541 million from $1.0 billion a year earlier, while adjusted EBITDA nearly tripled to $3.5 billion.

Buried in the filing was a notable figure for the crypto market: the value of SpaceX’s bitcoin holdings fell to $1.10 billion as of June 30, down from $1.64 billion at the end of 2025. The $540 million decline represents a roughly 33% price drop on the company’s full stash of 18,712 BTC.

SpaceX became the eighth-largest public bitcoin holder when it listed via IPO in June. The treasury had been described as both a strategic cash reserve and an accounting challenge, now visible in quarterly filings. The company did not signal any intention to sell, and the position remains small relative to its $18.4 billion quarterly capital expenditure.

Despite the revenue beat, SPCX shares fell up to 6% in after-hours trading to around $118, after rising nearly 10% during the regular session. The culprit was higher-than-expected capital spending: $18.4 billion versus analyst estimates of roughly $13 billion, driven by investments in AI infrastructure and Starship development.

The stock has traded below its $135 IPO price since its debut. A lockup expiration on August 6 will free approximately 912 million insider-held shares, adding further pressure.

For crypto investors, SpaceX’s willingness to maintain its 18,712 BTC position through a 33% drawdown underscores its commitment as a corporate holder. However, the earnings report also illustrates how bitcoin volatility can directly impact public-company financials.

Source: https://news.bitcoin.com/featured/spacex-earnings-bitcoin-540-million/