Financials
SPCX income, cash, and Starlink
Q2 printed Aug 4, 2026 for the period ended Jun 30, 2026 — first report as a public company. S-1 fills 2023–2025 and the 18,712 BTC treasury. Your ledger, if you have one, is sized as a look-through of the same numbers.
- Q2 revenue
- $7.81B
- Adj. EBITDA
- $3.54B
- Net loss
- −$541.00M
- Cash
- $100.00B
- Net cash
- $60.60B
- EV / ’25 sales
- 95.7×
+92.00%
+191.00%
vs −$1.0B
incl. securities
Debt $39.40B
EV $1.79T
Q2 2026 · period ended 30 Jun
First print since the IPO
Revenue $7.81B beat the street by +12.70%. Capex was $18.37B — 2.4× the quarter’s sales, $15.83B of it AI compute. That is why the tape sold the print even though every segment beat.
Connectivity
Starlink
$4.29B
EBIT $1.66B · +66.00%
AI
xAI / X
$2.56B
EBIT −$1.26B · +248.00%
Space
Launch · Starship
$962.00M
EBIT −$542.00M · +29.00%
Valuation at $141.50
How the market is paying
- Market cap$1.85T
- Enterprise value$1.79T
- P / 2025 sales98.9×
- EV / 2025 EBITDA272×
- EV / Q2 run-rate57.3×$31.24B
- IPO net proceeds$85.68B
Run-rate is Q2 × 4. Management is pointing at $100.00B annualized recurring revenue by year-end.
Revenue
Years, then the last three quarters
Starlink
The only segment in the black
Subscribers
12.0M
×2 year-on-year
ARPU / month
$66
was $85
2025 EBIT
$4.42B
39% of segment sales
2025 EBITDA
$7.20B
63% margin
- Q1 2026 subs10.3M
- 20258.9M
- 20244.4M
- 20232.3M
- Countries167
Consumer ARPU has come in from $99 in 2023 while enterprise and government carry the mix. 2025 connectivity was $11.39B — 61% of the group.
Income
Full year 2025 from the S-1
- Revenue$18.70B+33.00%
- Adj. EBITDA$6.58B+23.00%
- Operating loss−$2.60B
- Net loss−$4.90B
- Space revenue$4.09B22% of sales
- Starship R&D$3.00B
- AI operating loss−$6.35B
- Launches17098 in 2023
- Mass to orbit2,213 t
Balance sheet · 30 Jun
IPO cash versus the capex line
- Cash$93.50B
- Marketable securities$6.50B
- Debt & leases$39.40B
- Backlog$47.50B
- Deferred revenue$14.30B
- H1 free cash flow−$25.00B
- H1 operating cash$3.47B
- H1 capex$28.48B
Q1 cash was $24.70B. The listing added $85.68B net. Q2 capex alone was $18.37B against a $13.22B estimate.
Bitcoin treasury · S-1 · Q1 2026
18,712 BTC
Held
18,712
0.095% of supply
Average cost
$35,325
Basis $661.00M
Mark
$1.52B
$81,210 / BTC
Unrealized
$858.60M
+17.53% vs Q1 mark
BTC per share
143.10 sats
13,075,870,000 shares
BTC $ / share
$0.12
Treasury / shares out
Share of SPCX
0.08%
Of market cap — a reserve, not the business
The S-1 put 18,712 bitcoin on the public books at a $661.00M cost ($35,325 average). Fair-value accounting (ASU 2023-08) marks the stack through earnings: $1.64B at year-end 2025, $1.29B on 31 Mar. Q2 did not disclose a buy or a sale. Tesla holds 11,509 BTC.
Transactions and marks
| When | Event | BTC | USD |
|---|---|---|---|
| 2021 | First treasury buys Same window as Tesla’s $1.5B purchase. Lot sizes were not filed. | — | — |
| 2021–2023 | Accumulation to disclosed stack S-1 cost basis. Average ~$35,325 / BTC — last seen in late 2023. | 18,712 | −$661.00M |
| 2024 | Internal wallet rebalance On-chain shuffle. Stack held through the year; no sale. | — | — |
| 2025-12-31 | FY 2025 fair-value mark ASU 2023-08: marks flow through earnings. | 18,712 | $1.64B |
| 2026-03-31 | Q1 mark (S-1) −$344M vs year-end. Count still 18,712. | 18,712 | $1.29B |
| 2026-05-21 | S-1 discloses the stack Trackers had ~8,285 BTC. Filing more than doubled the public figure. | 18,712 | — |
| 2026-06-12 | IPO — 8th largest public holder Strategic reserve, not a bitcoin-treasury equity. Tesla holds 11,509. | 18,712 | — |
| 2026-06-30 | Q2 — no change disclosed Earnings did not report a buy or a sale. | 18,712 | — |
| 2026-07 | Wallet shuffle Internal move under $300. Not a liquidation. | — | −$300.00 |
| Now | Live mark Yahoo BTC-USD · snapshot · no new lot filed | 18,712 | $1.52B |