SpaceX's First Earnings Report Looms as Terafab Chip Plant Could Reach $119B

SpaceX (SPCX) is preparing to release its first earnings report since going public, with the release scheduled for August 4 and a conference call to follow . Analysts will focus on the company's performance across its space, connectivity, and AI segments, as well as commentary from CEO Elon Musk, who has a history of moving the stock with his words . SpaceX reported $18.7 billion in revenue for full-year 2025 and $4.7 billion in revenue for the first quarter of 2026, alongside a net loss in both periods, giving investors a baseline to judge the quarter against.

Away from the earnings print, SpaceX has separately filed plans for a large semiconductor manufacturing project, dubbed 'Terafab,' on a site in Grimes County, Texas. The initial phase is filed at roughly $55 billion, with total capital investment potentially reaching approximately $119 billion if all planned expansions are completed . A related report has pointed to a target of 4 GW of capacity, though that figure comes from third-party reporting rather than a confirmed company figure and should be treated as such .

SpaceX's stock has been under pressure ahead of the earnings report and the impending expiration of lock-up restrictions on August 6, which could make roughly $99 billion worth of shares eligible for sale. The staggered lock-up structure phases in additional tradable shares over several months, with insiders including Musk remaining locked up longer, and investors are watching closely for any signs of concentrated selling .

What to watch: the magnitude of any spending guidance tied to Terafab and AI infrastructure relative to SpaceX's current revenue base, and whether early trading after the lock-up expiration adds volatility independent of the earnings themselves.

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