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

Elon Musk's rocket and outer steadfast reported second-quarter gross of $7.81 billion, up 92% from a twelvemonth earlier and up of the $6.93 cardinal analysts had expected.

Growth came crossed each 3 segments: motorboat services, Starlink connectivity, and the company's expanding artificial quality business.

Net nonaccomplishment narrowed to $541 cardinal from $1 cardinal a twelvemonth ago, portion adjusted EBITDA astir tripled to $3.5 billion.

Bitcoin treasury takes a mark-to-market deed

Buried successful the filing was a wide reminder of crypto volatility. SpaceX's integer assets, consisting of its 18,712 Bitcoin, were valued astatine $1.098 cardinal arsenic of June 30, down from $1.637 cardinal astatine the extremity of 2025.

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The $539 cardinal diminution reflects Bitcoin's astir 33% driblet implicit the archetypal fractional of the year. The institution did not merchantability immoderate of the coins, and some on-chain information and the filing numbers corroborate the afloat stash remains intact.

SpaceX's Bitcoin presumption inactive sits good supra its archetypal outgo ground of astir $661 million, meaning the institution is holding an unrealized summation of astir $437 cardinal contempt the markdown.

Spending surge and stock absorption

Despite the top-line beat, SpaceX shares fell arsenic overmuch arsenic 7.5% successful after-hours trading aft closing 9.43% higher astatine $125.33 during Tuesday's regular session.

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Capital expenditure jumped to $18.4 cardinal successful the quarter, good supra the $13 cardinal forecast, driven mostly by dense concern successful AI computing infrastructure for xAI — the artificial-intelligence institution SpaceX merged with successful February — whose gross roseate 247% twelvemonth implicit twelvemonth to $2.56 billion.

SpaceX ended the 4th with $100 cardinal successful cash, currency equivalents, and marketable securities, and $47.5 cardinal successful backlog.

The results get little than 2 months aft SpaceX's $85.7 cardinal IPO, the largest successful history, and conscionable up of a large lockup expiration connected August 6. Analysts accidental this volition escaped much than $100 cardinal successful shares for trading, an overhang that could measurement further connected the stock.

For now, SpaceX continues to dainty its Bitcoin arsenic a semipermanent reserve alternatively than a trading asset.

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This communicative was primitively published by TheStreet connected Aug 5, 2026, wherever it archetypal appeared successful the MARKETS section. Add TheStreet arsenic a Preferred Source by clicking here.