New York —
SpaceX beat earnings expectations while continuing to burn through cash in pursuit of CEO Elon Musk’s vision for an AI-powered, Mars-colonizing future, the company’s first-ever quarterly earnings report showed.
The newly public satellite, space and AI behemoth brought in $7.8 billion in revenue in the April-June quarter. But it remained unprofitable, losing $541 million in the second quarter, following a $4.3 billion loss in the first three months of the year.
The results were well above the consensus forecast among analysts polled by FactSet, who had estimated revenue of $6.8 billion and a net loss of $1.9 billion.
While Tuesday’s report was the first financial snapshot for the company since its blockbuster IPO in June, analysts said they were largely looking beyond the headline figures to focus on executives’ commentary on an earnings call later in the afternoon. Many will be laser-focused on capital expenditures, or capex, which has become one of the most closely watched financial metrics in tech as companies race to outspend one another to gain an edge in the AI race.
