SpaceX sees revenue rise by 92% but Bitcoin position shrinks

SpaceX has announced its results for the second quarter of 2026, showing strong revenue growth. Revenue rose 92% year-on-year to $7.81 billion, but the value of the company’s crypto holdings shrank considerably at the same time. The Bitcoin position fell to $1.10 billion, a decline of around 33% compared with the end of 2025.

At a glance:

• SpaceX posted revenue of $7.81 billion in Q22,026.92% more than a year earlier
• The value of the crypto holdings, including 18,712 Bitcoin, fell from $1.64 billion to $1.10 billion
• Adjusted EBITDA rose 191% to $3.54 billion, while the net loss narrowed

Bitcoin is available at OKX and Bybit.

Growth in connectivity and AI

Much of the strong revenue growth came from SpaceX’s connectivity division. Starlink generated $4.29 billion in revenue, helped by subscriber numbers doubling to 12 million. Revenue in this segment grew 66% year-on-year, while operating income rose 79%. In addition, SpaceX received more than $6 billion in multi-year government contracts from the US government through Starshield.

The AI segment showed even stronger growth: revenue surged 247% to $2.56 billion. Yet the segment is loss-making, with an operating loss of $1.26 billion. SpaceX’s total capital expenditure came to $18.37 billion, of which $15.83 billion was attributable to AI activities. The company also completed the acquisition of Cursor for $60 billion to expand further in the enterprise AI market, and released the Grok 4.5 AI model in July.

Bitcoin value falls despite broad growth

Despite the positive business figures, SpaceX’s crypto position declined. At the end of 2025, the holdings had a book value of $1.64 billion, but at the end of the second quarter of 2026 that stood at $1.10 billion, a decline of approximately 33%. SpaceX previously stated in its listing prospectus that the company holds 18,712 Bitcoin. Bitcoin is currently trading at around $64.086, representing a gain of 1.0% over the past 24 hours.

SpaceX’s net loss narrowed from $1.01 billion to $541 million, an improvement of $467 million. Adjusted EBITDA rose 191% to $3.54 billion. The company also holds approximately $100 billion in cash and marketable securities, while its order book stands at $47.5 billion. The fact that SpaceX, as a listed company, is posting substantial losses on AI investments is not unique: American Bitcoin posted a loss of $572 million in the same quarter. SpaceX’s full quarterly results are available via the official report.