SpaceX stock swings both ways after strong second-quarter results
SpaceX stock ($SPCX) shot up more than 9% during regular trading after the company posted second-quarter earnings that beat market expectations by a wide margin. Then it gave back most of that move overnight.
Shares closed the regular session at $125.33, up $10.80, or 9.43%, on the day.
But the rally didn't hold. In overnight trading, the stock dropped to $115.57, down $9.76, or 7.79%, from that closing price.
The move came right after SpaceX's Q2 2026 earnings call, where the company reported revenue of $7.8 billion. That number came in about $1 billion higher than what analysts had expected.
Why did SpaceX stock jump so fast?
According to on-chain data tracked by Arkham, the earnings reaction happened before US markets even reopened. Traders reacted through crypto markets first, since SpaceX stock trades on-chain as a tokenized asset in some venues.
Arkham noted that Elon Musk's net worth rose by roughly $30 billion in a single minute after the earnings numbers hit. The firm also pointed out that SpaceX currently holds about $1.2 billion worth of Bitcoin on its balance sheet.
What were the key numbers in SpaceX's Q2 report?
Revenue grew 92% year-over-year, climbing from $4.1 billion in the same quarter last year to $7.8 billion this quarter.
Net loss narrowed sharply too. The company reported a net loss of $541 million, an improvement of $467 million compared to last year's $1.0 billion loss.
Adjusted EBITDA came in at $3.5 billion, up 191% from $1.2 billion a year earlier.
|
Metric |
Q2 2026 |
Q2 2025 |
Change |
|
Revenue |
$7.8B |
$4.1B |
+92% |
|
Net Loss |
$541M |
$1.0B |
Improved $467M |
|
Adjusted EBITDA |
$3.5B |
$1.2B |
+191% |
SpaceX and Nvidia team up on orbital AI compute
The Kobeissi Letter reported that SpaceX announced a new partnership with Nvidia to build its Starmind AI-1 payload. The project will bring data center-class computing power into orbit.
The deal will use Nvidia's Rubin GPUs and Vera CPUs. SpaceX said the partnership will push its peak satellite computing capacity up to 250 kW.
This is a big step for the company's push into space-based AI infrastructure, an area that's drawing attention across both tech and space investing circles.
Other highlights from the earnings call
SpaceX completed two successful Starship V3 flight tests over the past 90 days. The company says this moves it closer to full and rapid rocket reusability.
The firm also closed several Cloud Services Agreements worth $14.1 billion in contracted sales. On top of that, SpaceX announced plans to acquire Cursor for $60 billion, a move meant to grow its AI enterprise business.
In July, SpaceX released its newest AI model, Grok 4.5, calling it the company's most powerful model to date.
The Connectivity segment, which includes Starlink, had a strong quarter too. Revenue there rose 66% year-over-year, while income from operations grew 79%. Starlink subscriber numbers doubled during the period.
SpaceX also picked up more than $6 billion in multi-year US government contracts for its Starshield program.
What this means for SpaceX stock going forward
The mix of stronger revenue, a shrinking net loss, and new AI partnerships gave investors plenty of reasons to push SpaceX stock higher after the report.
Still, the nearly 8% overnight fade shows that the initial pop didn't fully hold once early sellers stepped in. Traders should watch how the stock opens when regular market hours resume, since after-hours swings don't always carry through to the next session.
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