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

SentiSense · Published Aug 2, 2026, 9:51 AM ET · Updated Aug 3, 2026, 12:54 PM ET

SpaceX (SPCX) is set to release its first quarterly report as a public company on August 4, with 2025 revenue of $18.7B and Q1 2026 revenue of $4.7B on the table. Separately, filings show SpaceX's Texas 'Terafab' semiconductor project starting at $55B and potentially reaching roughly $119B across later phases. Investors are also watching an August 6 lock-up expiration worth about $99B in shares. The report may bring added stock volatility.

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.