SpaceX’s stock, which peaked at $225 per share shortly after its June 12 IPO, is closely watched as it approaches its first earnings report, expected on August 6. Significant developments have occurred in the company’s xAI division, which saw a transformation from a $6.4 billion operating loss in 2025 to securing contracts with Anthropic and Google worth a combined $1.5 billion per month, potentially doubling its revenue run-rate. Meanwhile, the new financial service, X Money, launched in late June, offers a 6% annual yield, with aims to leverage SpaceX’s 560 million monthly active users.
Despite these advancements, xAI continues to consume massive capital, accounting for 76% of SpaceX’s capital expenditures in Q1 2025. xAI’s first-quarter capex was approximately $7.7 billion, with a projected total around $30 billion for the year. This financial burden complicates the outlook as SpaceX balances profitability across its various divisions, including Starlink and its ambitions in AI and fintech.
As investors await the earnings report, they face a paradox: SpaceX could drive innovation in multiple sectors, but analysts estimate its business fair value at around $780 billion, less than a third of its current market capitalization. The upcoming report will provide crucial insights into the financial health of both xAI and the overall company.
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