SpaceX Q2 EBITDA Nearly Tripled to $3.5B in First 100 Days

From a markets perspective, SpaceX's first 100 days test how a high-profile hardware and infrastructure company holds up under AI-era valuation pressure. The stock closed near its $150 IPO price at $154.72 after losing more than half its value in July, even as Q2 EBITDA nearly tripled to $3.5B.

SpaceX’s first 100 days as a publicly traded company ended on September 22 with the shares at $154.72, nearly matching the $150 price at which they opened on June 12. The headline may look like stagnation, but the path was anything but calm. The stock soared in its initial sessions, then surrendered more than half its value from peak to trough in July, before recovering into the fall. That whiplash is a useful reminder that a high-profile IPO can remain a momentum trade long before fundamental value takes over. For SpaceX, however, the real story of the first 100 days is not the stock chart but the visible shift in the company’s revenue engine. In politics, a president’s first 100 days are read as a signal; in public markets, the same window is often noisy and incomplete.

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The stock closed near its $150 IPO price at $154.72 after losing more than half its value in July, even as Q2 EBITDA nearly tripled to $3.5B.

The contrast between the first and second quarters is stark. In Q1, SpaceX reported revenue growth of just 15% to $4.69 billion and segment adjusted EBITDA of $1.12 billion. Those are solid numbers for an established aerospace business, but they did not justify the speculative enthusiasm that greeted the listing. In Q2, the company signed deals to rent excess computing capacity to Anthropic and Google. Revenue jumped 92% to $7.8 billion, and segment adjusted EBITDA nearly tripled to $3.5 billion. That acceleration came from monetizing assets that were not central to the original launch narrative, positioning SpaceX at the intersection of aerospace infrastructure and AI cloud demand.

The strategic implication is significant. SpaceX’s launch business gives it scale, facilities, power, and connectivity that can be repurposed for high-performance computing. The Anthropic and Google agreements suggest that AI labs are willing to pay for compute housed inside SpaceX-controlled infrastructure. This is not simply a one-off; it changes how investors may underwrite SpaceX. Instead of a launch provider with cyclical government and commercial demand, they now see an AI-adjacent infrastructure owner with a new growth axis. Revenue mix and margin trajectory matter more than the physical rocket count.

The lockup experience provides another data point. According to the report card, SpaceX’s first two lockup expirations passed without a major sell-off. That is meaningful because high-profile IPOs often face pressure when early insiders and employees become free to sell. If two lockup windows cleared without mass distribution, it may indicate that insiders see enough future value—or that the market absorbed the new float without panic. Either way, it reduces a classic post-IPO risk and supports a higher-quality public float over time.