SpaceX (NASDAQ: $SPCX) has reported a $540 million U.S. paper loss on its Bitcoin (CRYPTO: $BTC) holdings.
The commercial space company led by Elon Musk maintained its holdings of 18,712 Bitcoin, according to the company’s first earnings report as a public company.
However, the value of SpaceX’s BTC holdings declined to $1.10 billion U.S. by June 30 from $1.64 billion U.S. at the end of 2025.
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The company blamed a 33% decline in Bitcoin’s price over that period for the unrealized loss.
Beyond its Bitcoin holdings, SpaceX’s first financial results were better-than-expected.
SpaceX announced an earnings per share (EPS) loss of -$0.09 U.S., which was much better than a loss of -$0.26 U.S. expected among analysts.
Revenue came in at $7.81 billion U.S., which topped the $6.93 billion U.S. that had been forecast on Wall Street. Sales were up 92% from a year earlier.
However, SPCX stock fell as much as 12% after the company announced increased capital expenditures on artificial intelligence (A.I.).
The company said its capex rose sixfold to $18.40 billion U.S. in the year’s second quarter, with the majority of that spending going towards A.I.
SPCX stock has fallen 50% from a peak of $225.64 U.S. per share reached shortly after the company’s June initial public offering (IPO).
Bitcoin was trading at $64,000 U.S. early on Aug. 5. The largest cryptocurrency by market capitalization has fallen from an all-time high of $126,000 U.S. last October.