SpaceX (SPCX) reported its first quarterly results as a public company on Tuesday, surpassing Wall Street revenue expectations while revealing a $540 million decline in the value of its bitcoin holdings. The Elon Musk-led space technology firm posted second-quarter revenue of $7.8 billion, beating the $6.9 billion consensus estimate, and narrowed its net loss to $541 million from $1.0 billion a year earlier, according to an SEC filing highlighted by CoinDesk. Adjusted EBITDA nearly tripled to $3.5 billion, fueled by growth in its launch, Starlink, and artificial intelligence businesses. The company held 18,712 bitcoin, valued at $1.10 billion as of June 30, down from $1.64 billion at the end of 2025, primarily due to the cryptocurrency’s price decline.
Operational Growth Drives Strong Earnings Beat
SpaceX’s revenue surge reflected expanding operations across multiple segments. The company’s launch services remained robust, but the biggest contributions came from its Starlink satellite internet division and artificial intelligence ventures. Adjusted EBITDA of $3.5 billion marked a significant leap from the same quarter last year, underscoring improved margins in these high-growth areas. The narrowing of net losses despite continued investment in Starship development demonstrates the company’s ability to balance innovation spending with operational profitability.
Bitcoin Holdings Shrink by $540 Million in Volatile Quarter
While operations strengthened, the value of SpaceX’s digital asset portfolio took a hit, mirroring broader cryptocurrency market turbulence. The firm disclosed $1.10 billion in digital assets at quarter-end, down from $1.64 billion as of December 31, 2025, even as it held its bitcoin position steady at 18,712 BTC. The decline underscores the impact that mark-to-market accounting can have on corporate balance sheets that incorporate crypto. Bitcoin slid 2% after the US close while the Kospi plunged 10%, reflecting the kind of sharp moves that can rapidly alter the valuation of such holdings.
The disclosure puts SpaceX among a growing cohort of public companies that maintain bitcoin treasuries. For instance, Hyperscale Data recently built a bitcoin treasury of 1,087 BTC worth approximately $70.3 million, illustrating how firms across industries are accumulating the asset. Meanwhile, the broader trend of corporate digital asset adoption continues to evolve, with entities like Rhino Bitcoin adding 500 million SPLD tokens to its balance sheet while keeping its bitcoin-only mission, signaling diverse strategies around digital asset holdings.
Regulatory Spotlight on Corporate Crypto Accounting
SpaceX’s SEC Filing highlights the increasing relevance of accounting standards for digital assets held by public companies. The SEC requires that such holdings be reported at fair value, which can introduce volatility into earnings when cryptocurrency prices swing. With more firms integrating bitcoin into their corporate treasuries, regulators and standard-setters are likely to continue refining disclosure requirements to provide investors with clearer insight into the risks associated with crypto asset volatility.
