SpaceX reports first earnings since IPO, putting Starlink and AI spending under the microscope

SpaceX has officially entered the earnings season club. The company is set to release its first quarterly results as a public company on August 4, 2026, roughly two months after its record-breaking IPO in June 2026 under the ticker SPCX. For a company that spent years operating in private-market obscurity, this is a significant moment: Wall Street now gets to grade Elon Musk’s rocket company on a quarterly basis, whether it likes it or not. The timing is complicated. SPCX shares have already fallen roughly 30% from their IPO debut price, meaning the company walks into its first earnings call carrying some baggage. Analysts are projecting Q2 2026 revenue of approximately $6.8 to $6.9 billion, up from around $4.7 billion in Q1 2026. That’s meaningful sequential growth. The question is whether the numbers below the revenue line tell a story investors actually want to hear. Starlink is carrying the team Starlink, SpaceX’s satellite internet division, is expected to contribute roughly $3.8 billion of Q2 revenue on its own. In Q1 2026, the division generated $1.2 billion in profit, making it the only part of the business currently printing money. The subscriber count hit 10.3 million as ...