SpaceX reported $7.8B in Q2 revenue, beating $6.81B estimates. Crypto exposure fell to $1.098B from $1.637B. Starlink profit surged 79%. AI revenue jumped 247%.
Alpha Score of 40 reflects weak overall profile with moderate momentum, poor value, moderate quality, moderate sentiment.
SpaceX cut its digital asset exposure by $539 million in the second quarter while posting revenue that topped Wall Street estimates. The company's crypto holdings fell to $1.098 billion as of June 30, from $1.637 billion at the end of December, a 33% decline, according to official financial statements.
Total revenue reached $7.8 billion for the period, above the $6.81 billion consensus. Adjusted EBITDA came in at $3.538 billion, well ahead of the $2 billion analysts had projected. The company did not issue forward guidance.
The reduction in crypto exposure likely reflects accounting valuation changes rather than large-scale selling, based on on-chain activity. Arkham Intelligence reported that a Bitcoin wallet linked to SpaceX executed a single $88 test transaction in July after six months of inactivity. Grayscale estimates the firm holds roughly 18,712 Bitcoin. Using that figure, the reported carrying value implies a price near $58,700 per unit. Bitcoin traded at $64,073 on Tuesday.
Starlink anchored the group's operational growth. The satellite connectivity division generated $1.656 billion in operating profit, up 79% year over year. Its subscriber base reached 12 million, with average revenue per user steady at $66 a month.
The artificial intelligence segment posted $2.561 billion in revenue, a 247% increase, driven by $14.1 billion in new cloud service agreements. Operating losses narrowed to $1.257 billion, below the $2.39 billion consensus. Capital expenditures hit $18.369 billion for the quarter, with the AI unit absorbing $15.828 billion for infrastructure. Contracted processing capacity expanded from 1.0 to 1.4 gigawatts.
The space segment reported $962 million in revenue, up 29%. Its operating loss widened to $542 million as investment in Starship development continued. The company's backlog stood at $47.5 billion at quarter end.
SpaceX also signed a $60 billion agreement to acquire the coding tool Cursor, with the transaction expected to close in the current quarter. The firm ended the period with $100 billion in cash and marketable securities.
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