SpaceX Just Guided for A $100 Billion Run Rate by December and $1 Trillion of Revenue by 2030. Here's Why the Stock Is Getting Crushed Anyway

Space Exploration Technologies Corp (NASDAQ:SPCX) reported strong revenue growth in the second quarter of the year, and lofty forward guidance.

But the stock traded roughly 11.2% lower in pre-market hours, as of 8:05 a.m. ET, with investors worried about the company's hefty spending plans.

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Total revenue of over $7.8 billion grew nearly 92% year over year and roughly 66% from the first quarter. The company generated an operating loss of $143 million, a significant improvement from the prior quarter and year-over-year. Segment-adjusted EBITDA also nearly tripled from a year ago.

CEO Elon Musk, on a conference call, told Wall Street analysts that the company expects to reach a $100 billion annual revenue run rate by December of this year and $1 trillion of annual revenue by 2030, a year ahead of the company's previous guidance.

In fact, Musk said there's a "non-zero chance of that being in 2029."

Even at SpaceX's $1.77 trillion market cap, this guidance, if achievable, makes the stock look quite appealing. Here's why it's getting crushed anyway.

During the quarter, capital expenditures soared to nearly $18.4 billion, up from roughly $10 billion and $2.8 billion in the previous quarter and second quarter of 2025, respectively.