SpaceX revenue surges to $7.8 billion, blowing past Wall Street expectations by nearly $1 billion

SpaceX grew revenue 92% to $7.8 billion in the second quarter, powering past Wall Street’s consensus estimate of approximately $6.9 billion in the rocket-and-connectivity giant’s first earnings report as a public company since its June debut on the Nasdaq.

The company reported a net loss of $541 million, or 9 cents a share—a marked improvement from a $1 billion loss a year ago and higher than the range of analyst estimates, which spanned from a loss of $1.26 per share to a gain of 33 cents. Adjusted EBITDA nearly tripled to $3.5 billion.

Despite the strong results, shares of SpaceX declined in after hours trading Tuesday, falling more than 7% following the release of the results.

The results land at a pivotal moment for SpaceX, which has tumbled roughly 50% from its peak stock price of $211 days after its IPO on June 12. Investor anxiety around capital expenditures and sluggish return on massive sp...