SpaceX Beat Wall Street, Yet the Bear Case Just Got Stronger

SpaceX earnings for the second quarter beat Wall Street on almost every number that mattered, and still, once the after hours session got going, SpaceX stock drops undid some of the good news, a reminder that a single good quarter doesn’t really erase the SpaceX bear case that’s been building since June. Revenue landed at $7.8 billion against a $6.81 billion consensus, and adjusted EBITDA came in at $3.5 billion versus the $2.0 billion analysts had penciled in. It’s the company’s first SpaceX earnings report since going public, and at the time of writing, it’s also one of the more lopsided beats Wall Street has seen from a brand new listing in a while.

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Numbers Come In Ahead Of Estimates

The headline SpaceX earnings figures were hard to argue with. Revenue climbed to $7.8 billion, up from $4.7 billion in the first quarter, and that pace of growth is roughly what let SpaceX beat Wall Street so comfortably in its debut SpaceX earnings report. Starlink also had a solid quarter of its own, with subscribers passing 12 million and the connectivity business posting adjusted EBITDA of $2.60 billion, a bit ahead of the $2.41 billion analysts had expected.