SpaceX reported a loss of $541 million, or 9 cents per share, in the three months through June in its first quarterly report as a public company. The loss was less than half what financial analysts had anticipated. Revenue reached $7.8 billion, representing a more than 90% increase from the same period the prior year.
Elon Musk, who runs the company, is scheduled to address investors and financial analysts on a conference call to discuss the results.
The stock has declined by roughly half since its June peak following the initial public offering, which briefly made Musk the world's first trillionaire. Investor concerns about whether Musk oversold the company's prospects for space travel and colonization have contributed to the share price decline. Additional pressure is expected as company insiders gain the ability to sell shares after the expiration of a lockup provision later in the week.
On the first day of trading, shares jumped 19%, temporarily making Musk a trillionaire. However, the later decline in SpaceX shares, combined with a drop in Tesla stock, reduced his wealth to $783 billion according to Forbes.
During the conference call, Musk is likely to address questions about the timeline for completing tests of SpaceX's Starship rockets that NASA intends to use for lunar missions, satellite network plans, and prospects for orbital data centers. Rumors of a possible merger between SpaceX and Tesla may also arise, though neither company has confirmed such plans and Musk has previously cited securities regulations as preventing him from discussing the matter.
More than 900 million shares held by insiders become available for trading on Thursday, more than doubling the current trading supply. Shares closed Tuesday at $125.33, down from the June peak of $225 and the initial offering price of $135.
SpaceX's Starship rocket successfully deployed satellites during a recent test. Future tests may involve using large arms at the Texas launch facility to catch the spacecraft and booster as they return to earth. Starlink, the company's satellite communications business, generates significant revenue through worldwide contracts. SpaceX also operates an AI business featuring the Grok tool and the social media platform X, formerly Twitter.