SpaceX IPO Windfall Fails to Lift Bitcoin Holdings

SpaceX's $85 billion IPO windfall largely bypassed Bitcoin as the company directed its post-IPO liquidity into money-market funds and government securities. The revenue beat came as SpaceX reported a 92% year-over-year increase in second-quarter revenue, exceeding analyst expectations of around $6.8 billion.

The company's net loss narrowed to $541 million from $1.008 billion a year earlier, while its operating loss improved to $143 million from $970 million. Despite the decline, the Bitcoin position remained $437 million above its reported cost and represented about 1.1% of SpaceX's cash, cash equivalents, and marketable securities after the IPO.

SpaceX spent over $15.8 billion on AI infrastructure during the second quarter, more than 21 times the amount spent a year earlier. The company has signed $14.1 billion in cloud-services agreements and added another $6.7 billion in contracts after the quarter ended.