SpaceX Exceeds Expectations in First Earnings Report as AI Business Booms

SpaceX's first earnings report since going public has exceeded Goldman Sachs' expectations in several key areas, according to recent research from Chaoxiang. The company's Q2 revenue beat estimates by about 17%, while its GAAP operating profit surpassed expectations by a significant 92%. A major contributor to this success was the AI business, which generated $7.67 billion in quarterly revenue, far exceeding Goldman Sachs' forecast of $5.6 billion.

Goldman Sachs has raised its 2026 AI revenue forecast for SpaceX by 49% to $23.3 billion as a result. Starlink broadband subscribers also performed better than anticipated, with their ARPU remaining flat quarter-over-quarter. Management expects to reach an annual revenue run rate of $100 billion by December.

SpaceX continues to hold 18,712 Bitcoin on its balance sheet as part of its cash management strategy, but did not disclose any trading operations during the quarter. The upcoming expiration of short-term lock-up periods may bring some stock price volatility, but Goldman Sachs maintains a positive outlook for the company's medium-to-long-term risk-reward ratio.