SpaceX revenue jumps 92% in first earnings report since IPO, raising questions about tech valuations across markets

SpaceX just dropped its first-ever public earnings report, and the numbers are the kind that make growth investors salivate while value investors reach for antacids. The company posted $7.8 billion in Q2 2026 revenue, a 92% increase that blew past analyst expectations of roughly $6.8 to $6.9 billion.

Here’s the thing, though. The stock is down more than 20% from its $135 IPO price. Revenue is surging, shares are sinking, and billions in losses are piling up.

The numbers behind the noise

SpaceX, trading under the ticker SPCX since its June 2026 IPO, reported adjusted EBITDA of $3.5 billion for the quarter. That figure crushed the consensus estimate of approximately $2 billion, suggesting the company’s margins are expanding faster than analysts modeled.

CFO Bret Johnsen pointed to AI compute agreements as a key driver of that margin expansion. The company’s Starlink satellite internet service continues to grow its subscriber base, but it’s the AI infrastructure deals that appear to be changing the revenue composition in meaningful ways.