SpaceX delivered its first quarterly earnings report as a publicly traded company on Tuesday, reporting a 92% jump in revenue while exceeding Wall Street expectations despite posting a quarterly loss. The results come after a turbulent first few months on the stock market, as investors have grown increasingly wary of soaring artificial intelligence spending.

Elon Musk’s aerospace company reported second-quarter revenue of $7.8 billion, well above analysts’ expectations of $6.93 billion. SpaceX posted an operating loss of $143 million and a net loss of $541 million, while reporting a loss of $0.09 per share—significantly better than the $0.26 per-share loss analysts had projected.

The earnings release marks the company’s first financial update since its historic June initial public offering, when SpaceX debuted at $150 per share and raised $86 billion in what became the largest IPO on record.

Since going public, however, the company’s stock has fallen approximately 24%, erasing roughly $500 billion in market value as investors have become increasingly cautious about the lofty valuations of AI companies and their massive infrastructure spending.

Following the earnings announcement, SpaceX shares initially rose during regular trading before dropping as much as 8% in after-hours trading.

The company attributed much of its spending to continued investments in artificial intelligence infrastructure, Starship development, and the expansion of its Starlink satellite internet network. During the second quarter alone, SpaceX invested $18.37 billion in those initiatives.

The company reported a $4.9 billion loss last year, largely driven by its aggressive investments in AI infrastructure.

While SpaceX’s rocket launch business continues to secure major government contracts—including missions for NASA—it remained unprofitable during the reporting period.

The company’s strongest financial performance continued to come from its communications division, led by the Starlink satellite internet service, which provides connectivity to consumers as well as government and military customers and remains SpaceX’s only profitable business segment.

During Tuesday’s earnings call, Musk expressed confidence in Starlink’s long-term potential.

“It’s not out of the question that, at some point, Starlink will deliver a majority of the world’s internet, at least in countries where we are allowed to operate, which is the vast majority of countries,” Musk said.

Investors could face additional volatility later this week as SpaceX’s post-IPO lock-up period begins to expire on Thursday, allowing insiders and early investors to begin selling shares on the open market.

Despite recent stock-market pressure, SpaceX has continued to win major government contracts that could strengthen its financial performance during the second half of the year.

In late July, the company secured a $1.6 billion launch contract from the U.S. Space Force. Earlier this year, it also won national security satellite contracts worth approximately $6.5 billion.

Meanwhile, SpaceX continues testing its massive Starship rocket, which is expected to eventually launch the company’s next-generation “V3” Starlink satellites—significantly larger spacecraft designed to expand the capacity and reach of its growing global satellite network.