SpaceX's Bitcoin holding loses $540 million in six months

Elon Musk's rocket and satellite firm reported second-quarter revenue of $7.81 billion, up 92% from a year earlier and ahead of the $6.93 billion analysts had expected.

Growth came across all three segments: launch services, Starlink connectivity, and the company's expanding artificial intelligence business.

Net loss narrowed to $541 million from $1 billion a year ago, while adjusted EBITDA nearly tripled to $3.5 billion.

Bitcoin treasury takes a mark-to-market hit

Buried in the filing was a clear reminder of crypto volatility. SpaceX's digital assets, consisting of its 18,712 Bitcoin, were valued at $1.098 billion as of June 30, down from $1.637 billion at the end of 2025.

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The $539 million decline reflects Bitcoin's roughly 33% drop over the first half of the year. The company did not sell any of the coins, and both on-chain data and the filing numbers confirm the full stash remains intact.

SpaceX's Bitcoin position still sits well above its original cost basis of approximately $661 million, meaning the company is holding an unrealized gain of about $437 million despite the markdown.

Spending surge and share reaction

Despite the top-line beat, SpaceX shares fell as much as 7.5% in after-hours trading after closing 9.43% higher at $125.33 during Tuesday's regular session.

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Capital expenditure jumped to $18.4 billion in the quarter, well above the $13 billion forecast, driven largely by heavy investment in AI computing infrastructure for xAI — the artificial-intelligence company SpaceX merged with in February — whose revenue rose 247% year over year to $2.56 billion.

SpaceX ended the quarter with $100 billion in cash, cash equivalents, and marketable securities, and $47.5 billion in backlog.

The results arrive less than two months after SpaceX's $85.7 billion IPO, the largest in history, and just ahead of a major lockup expiration on August 6. Analysts say this will free more than $100 billion in shares for trading, an overhang that could weigh further on the stock.

For now, SpaceX continues to treat its Bitcoin as a long-term reserve rather than a trading asset.

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