SpaceX Goes Public: $540M Bitcoin Loss on Day One

SpaceX posted its first public earnings report on Tuesday, revealing $7.81 billion in revenue — a 92% jump year-on-year that cleared Wall Street forecasts — while simultaneously disclosing a $540 million loss tied to the declining value of its bitcoin holdings, according to CoinDesk and The Guardian.

The debut comes after SpaceX's IPO share price crashed on its first day of trading, making the revenue beat a complicated headline: strong on the business, wounded on the balance sheet. The bitcoin position, once a statement of corporate boldness, has become the number that overshadows everything else.

Buried deeper in the filing, per TechCrunch, is a detail that tells a different story about how Elon Musk runs his empire: SpaceX has purchased $329 million worth of Tesla Megapacks so far this year. The transaction is legal, disclosed, and entirely characteristic — Musk's companies don't just share a founder, they share a supply chain, a treasury strategy, and apparently a tolerance for losses that would end most careers.

The earnings also arrive ahead of a major insider share unlock, meaning early investors and employees will soon be able to sell. How many do — and how fast — will say more about confidence in SpaceX's trajectory than any revenue line. Starlink remains the core growth engine. The rocket business is profitable. The bitcoin bet is not. The market will have to decide which number matters most.

*— Isla Camilleri, Global Affairs & Lifestyle Editor*