SpaceX reported a second-quarter loss of $541 million on revenue of $7.8 billion Tuesday, delivering its first earnings report as a publicly traded company and offering investors a detailed look at the rocket, satellite and artificial-intelligence provider's finances following June's record-setting initial public offering.

Revenue surged 92% from the same period a year earlier, blowing past Wall Street's expectations of roughly $6.8 billion to $6.9 billion by nearly $1 billion, according to estimates from analysts surveyed by FactSet. The company's loss also came in smaller than expected, with some estimates putting the per-share loss at roughly 9 cents, well below the 23 to 26 cents analysts had forecast.

Starlink remains the company's financial anchor

SpaceX's Starlink satellite internet division continued to serve as the company's most reliable source of revenue and profit. The unit generated $4.29 billion in quarterly revenue, up 66% year-over-year, with an operating margin of 38.6%, comfortably ahead of the 35.9% margin analysts had projected. Connectivity segment operating income totaled $1.66 billion for the quarter.

SpaceX said Starlink's subscriber base has now reached 12 million, doubling from a year earlier and climbing 17% from the first quarter alone. Speaking on the earnings call, Elon Musk described how far the service has come since its early days, when connectivity was inconsistent. "Incredible uptime and low latency," Musk said, describing the current state of the service, adding that more offices and government agencies are now able to treat Starlink as a primary internet provider rather than simply a backup option.

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