SpaceX CDR (CAD Hedged) Q2 2026 Earnings Recap

SpaceX's Q2 results came in largely as expected, with revenue and adjusted EBITDA showing substantial year-over-year gains, while the stock showed no meaningful reaction, implying investors found no surprises in the report or outlook.

Key Takeaways

• Revenue rose 92% year-over-year to $7.8 billion, reflecting continued top-line expansion.
• Adjusted EBITDA surged 191% to $3.5 billion, indicating improved operational cash flow performance.
• Net loss narrowed by $467 million to $541 million, showing progress toward profitability but still a material loss.
• Starship achieved two successful V3 flights recently, advancing capabilities critical for future orbital missions.
• Starlink’s next-generation V3 satellites offer roughly an order of magnitude greater bandwidth capacity, positioning for significant revenue growth over the next decade.