SpaceX is set to report its first quarterly earnings as a public company after the closing bell Tuesday, marking a key moment for Wall Street following its record-breaking IPO just two months ago. The report will provide investors with insight into the company's spending on AI, revenue from Starlink, and progress on its Starship rocket program.

Despite soaring initially after the largest IPO in history, SpaceX shares have declined significantly, trading at $114 on Monday—down nearly 50% from a record high of $211 on June 16 and 15% below the IPO price of $135. The company reported losses of about $4.3 billion in the first quarter, continuing a trend that saw losses of roughly $4.9 billion in 2025.

Analysts expect SpaceX to remain unprofitable but are focused on cash burn rates and whether revenue is growing. Key areas of interest include Starlink's performance, Starship launch updates, and AI investments following the acquisition of xAI in February. Capital expenditures reached $10.1 billion in Q1, with $7.7 billion allocated to AI.

Wall Street will also watch for commentary from Elon Musk and updates on the acquisition of Cursor. A lockup expiration on Thursday could further impact stock volatility.