New York (CNN) — SpaceX reports its first-ever quarterly earnings as a public company after the closing bell Tuesday, giving investors a detailed look at Elon Musk’s rocket, satellite and AI company after a rocky start to trading.
Investors want to learn more about the company’s spending on AI, its revenue streams from Starlink (its satellite internet business) and progress on Starship, its flagship rocket.
SpaceX shares soared after the biggest IPO in history about two months ago – but have come back to earth since then, down from both their record high and their IPO price. The Tuesday earnings report could help determine what happens next for the stock.
SpaceX disclosed earlier this year that it’s losing money. The company reported losses of about $4.3 billion in the first quarter after losing roughly $4.9 billion in 2025. The company earns billions in revenue from Starlink but also spends billions on its rocket launches and AI business, including building data centers.
Analysts don’t expect SpaceX to turn a profit yet, but they do want to know how much cash it’s burning and if revenue is on the upswing. Investors are also curious to hear more about the Starship rocket launches after some hurdles – and successes – in July.
SpaceX captivated Wall Street earlier this summer with a blockbuster IPO that shattered records and racked up underwriting fees for the banks involved. Since the high-flying IPO, SpaceX shares (SPCX) have had a turbulent journey. The stock closed at $114 on Monday, up more than 5% on the day but down almost 50% since a closing record of $211 on June 16 and down 15% from the IPO target price of $135 a share.
Volatility after an IPO is common, and Wall Street experts don’t expect the quarterly earnings numbers to matter too much, given the stock’s only been trading for two months. But the report will serve as a pulse check on the company, and investor are eager to hear insights from Musk himself.
“In our view, results are secondary to reading management’s body language and outlook,” Timothy Horan, an equity analyst at brokerage and investment firm Oppenheimer, said in a note.
What’s at stake?
SpaceX wants to dominate the rocket business; build, develop and launch satellites to power Starlink; and take advantage of the AI boom. But goals like putting data centers in space would take multiple years, if not decades, to accomplish. Such long-term projects won’t be made or broken by this single quarter of earnings – even if its earnings report could include new details.
The company has ramped up AI spending this year after acquiring xAI in February. SpaceX’s capital expenditures were $10.1 billion in the first quarter of the year – and $7.7 billion was spent on AI.
In its IPO prospectus, SpaceX said it will eventually unlock a market for AI worth more than $26 trillion. The lofty goals are textbook Musk.
Analysts will also be focused on Starlink, its biggest moneymaker. Analysts at Oppenheimer expect a “modest slowdown” in Starlink’s revenue growth due to delays in the rocket launch business.
Wall Street analysts have an average target price of $228 on SpaceX, according to FactSet. Oppenheimer has a price target of $250 a share.
Also top of mind for Wall Street: how SpaceX’s announced acquisition of Cursor could boost its AI business.
“With this company, the value is so much based upon uncertain future,” said Jay Ritter, professor emeritus at the University of Florida and an expert in IPOs.
The lockup calendar
A key event on Thursday could influence the stock’s near-term moves.
A lockup on up to 911.5 million SpaceX shares expires on Thursday, giving some employees and other insiders who held the stock pre-IPO a chance to sell their shares.
More shares on the market could add to price volatility. It could also increase SpaceX’s weight in indexes like the Nasdaq 100, which base a company’s weighting in part on how many shares are publicly available. Musk’s shares are locked up for at least one year after the IPO. Other lockup periods will expire before then.
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