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SpaceX has been on a slide since hitting a $2 trillion valuation milestone at its June IPO, shedding close to $500 billion in market cap from its peak. Tuesday was its first-ever earnings report as a publicly listed company and a fresh chance for CEO Elon Musk to hype the stock and turn that frown upside down.
The company posted better-than-expected revenue growth in the second quarter and narrowed its losses to nearly half the level of a year ago.
But it wasn’t enough to win over a skeptical market. Shares of SpaceX slid more than 5% after the results were released and continued to slip during the conference call with top executives including Musk and President Gwynne Shotwell. As is his custom, Musk offered a rose-colored outlook for the rocket-and-connectivity AI giant, proclaiming that SpaceX’s internal target for hitting $1 trillion in annual revenue had moved forward a full year since the IPO from 2031 to 2030, with a “a non-zero chance” it hits the mark in 2029. He asked the market for patience with with the growth of its Starlink business, which beams internet connectivity to Earth from satellites.
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