Elon Musk's SpaceX Just Delivered Its First Earnings Report as a Public Company. Here's the 1 Number That Matters Most.

SpaceX reported strong Q2 2026 earnings with 92% revenue growth to $7.8B and beat analyst expectations, but the stock fell 12% due to concerns over $18.4B in capital expenditures, with $15.8B directed toward AI infrastructure. Management claims the investment will be recouped within a year and projects $100B annualized revenue by year-end, though investors remain skeptical of the high spending levels.