SpaceX Sees Revenue Soar, But Bitcoin Holding Takes a Beating

SpaceX reported its second-quarter revenue of $7.81 billion, up 92% from last year and exceeding analyst expectations. The company's growth came across all three segments: launch services, Starlink connectivity, and artificial intelligence business.

The net loss narrowed to $541 million from $1 billion a year ago, while adjusted EBITDA nearly tripled to $3.5 billion. SpaceX ended the quarter with $100 billion in cash, cash equivalents, and marketable securities, and $47.5 billion in backlog.

However, the company's Bitcoin holding took a significant hit due to crypto volatility. The 18,712 Bitcoins were valued at $1.098 billion as of June 30, down from $1.637 billion at the end of last year. This decline reflects Bitcoin's roughly 33% drop over the first half of the year.

Despite this markdown, SpaceX still holds an unrealized gain of about $437 million on its Bitcoin position, which sits well above its original cost basis of approximately $661 million.