SpaceX's First Earnings Report Is Coming. Here Are the 4 Most Important Things to Watch

Space Exploration Technologies Corp. (NASDAQ: SPCX), better known as SpaceX, has not officially announced when its first earnings report as a public company will be released, but it's likely to come in late July or early August. Several sources have speculated an Aug. 6 earnings release, but this is unconfirmed at this point.

SpaceX has a market capitalization of more than $2.4 trillion as of this writing, and many investors are torn between the sky-high valuation metrics and the stock's long-term growth potential. It's fair to say that, regardless of the exact date, SpaceX's second-quarter earnings could be one of the most anticipated reports of the entire summer.

With that in mind, when SpaceX's earnings are released later this summer, here are the five numbers I'll be most eager to see.

Image source: Getty Images.

1. Starlink subscribers and growth

While the most exciting parts of the growth potential might include things like data centers in space and massive compute deals with companies like Anthropic and Alphabet's (NASDAQ: GOOGL)(NASDAQ: GOOG), the fact is that Starlink is the only profitable part of the company right now.

In SpaceX's S-1, we learned the business had 10.3 million subscribers at the end of the first quarter. Starlink revenue grew 50% year-over-year in 2025 and is arguably the most important component of the bull case (at least in the near term), so I'll be paying close attention to the Starlink portion of the earnings report.

2. Starship progress

This isn't exactly part of the numbers, but I'll be watching for any updates on Starship's path to commercialization.

The S-1 gave a target of orbital payload delivery at some point in the second half of 2026, and the success of Starship is crucial for several areas of the business, including ramping up satellite launches, reducing launch costs (for both SpaceX and its customers), and eventually for the orbital AI computing that's a part of the long-term xAI thesis.

3. xAI revenue and profitability (or lack thereof)

The xAI business was the biggest drag on SpaceX's profits last year, posting a $6.36 billion loss for the full year 2025. But with the Anthropic and Google deals, the entire company's revenue run rate will more than double. I'll be watching to see what that means for xAI's bottom line.

4. AI Capex

SpaceX's AI capex was $7.7 billion in the first quarter, which implies that it would be in the $30 billion ballpark for the full year. This is significantly lower than what other trillion-dollar tech companies are spending. Now that the company is flush with cash (it raised about $85 billion in its IPO), my question is whether AI investment will accelerate or slow down once the Anthropic and Google compute deals are active.

Matt Frankel, CFP® has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet. The Motley Fool has a disclosure policy.