Too many lives have been cut short by high-speed, illegal e-bikes and e-scooters.
That’s why we are issuing cease-and-desist orders against 42 online retailers that have been selling these dangerous devices to New York City residents — including Target, Temu, Wayfair, Walmart, and Amazon.
The safety of New Yorkers is not for sale.
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We posted our second quarter 2026 financial and operational results →
Q2 highlights:
- Demonstrated the power of extreme vertical integration, delivering revenue growth of 92% year-over-year across Space, Connectivity, and AI
- Completed two successful Starship V3 flight tests in the past 90 days, advancing towards full and rapid reusability
- Closed multiple industry-leading Cloud Services Agreements resulting in $14.1 billion of contracted sales
- Announced agreement to acquire Cursor for $60 billion to accelerate the AI enterprise opportunity
- Released our most powerful AI model yet with Grok 4.5 in July
- Delivered 66% revenue and 79% income from operations growth year-over-year for the Connectivity segment, driven by a doubling of Starlink Subscribers and continued momentum in Enterprise & Government
- Awarded over $6 billion in multi-year U.S. government contracts for Starshield
As compared to the same quarter last year:
- Revenues of $7.8 billion, up 92% from $4.1 billion
- Net loss of $541 million, an improvement of $467 million from net loss of $1.0 billion
- Adjusted EBITDA of $3.5 billion, up 191% from $1.2 billion
Thank you to the SpaceX team, and all our customers and investors for a great quarter!
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We posted our second quarter 2026 financial and operational results →
Q2 highlights:
· Demonstrated the power of extreme vertical integration, delivering revenue growth of 92% year-over-year across Space, Connectivity, and AI
· Completed two successful Starship V3 flight tests in the past 90 days, advancing towards full and rapid reusability
· Closed multiple industry-leading Cloud Services Agreements resulting in $14.1 billion of contracted sales
· Announced agreement to acquire Cursor for $60 billion to accelerate the AI enterprise opportunity
· Released our most powerful AI model yet with Grok 4.5 in July
· Delivered 66% revenue and 79% income from operations growth year-over-year for the Connectivity segment, driven by a doubling of Starlink Subscribers and continued momentum in Enterprise & Government
· Awarded over $6 billion in multi-year U.S. government contracts for Starshield
As compared to the same quarter last year:
· Revenues of $7.81 billion, up 91.9% from $4.07 billion
· Net loss of $541 million, an improvement of $467 million from net loss of $1.01 billion
· Adjusted EBITDA of $3.54 billion, up 191% from $1.21 billion
Thank you to the SpaceX team, and all our customers and investors for a great quarter!
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Watch the full recording of our Q2 2026 earnings call.
Prepared Remarks
00:00:00 - Welcome
00:01:20 - 843,775 BTC, 203,683 sats per share, $17B raised year to date, and Strategy’s position as the largest institutional holder of Bitcoin
00:03:27 - Q2 balance sheet: $49.7B of digital assets, $3.75B current USD reserve, lower debt, higher preferred equity, and strong stress-case coverage
00:08:57 - Bitcoin KPIs: 4.5% BTC Yield, 29,997 BTC Gain, and ~3.6x growth in Bitcoin per share since 2020
00:12:47 - Q2 execution: higher Bitcoin holdings, lower debt, larger USD reserves, stronger Bitcoin per share, and active capital management
00:15:03 - Strategy as a net buyer of Bitcoin and net issuer of Digital Credit: 48x more BTC bought than sold and 300x more Digital Credit issued than repurchased
00:18:47 - Returning $STRC to $99–$100 through USD reserves, Bitcoin monetization, repurchases, dividend management, and disciplined issuance
00:24:50 - Bitcoin liquidity: why Strategy’s bitcoin purchases and sales are not material to overall Bitcoin trading volume
00:33:03 - Bitcoin as Digital Capital: website metrics, the 200-week moving average, current headwinds, Bitcoin Dominance, banking adoption, and security coordination
00:44:08 - $STRC as flagship Digital Credit: liquidity, lower volatility, market depth, yield, investor base, path to par, and updated credit metrics
01:05:04 - Equity framework: hurdle rate, breakeven rate, floor rate, market skepticism, $MSTR outperformance, franchise advantages, and Strategy’s long-term ambition
Q&A
01:19:31 - Why Bitcoin-backed borrowing is not currently the preferred path to build USD reserves
01:23:11 - Why Strategy is consolidating around $STRC instead of creating more instruments or selling volatility
01:40:37 - Equitizing, repaying, or refinancing convertible debt
01:43:18 - Covered calls, cash-secured puts, Digital Credit, Bitcoin as money, and marketing products to the 99% outside Bitcoin
01:59:22 - USD reserve minimums and the path to $STRC trading at par
02:00:55 - Amplification, USD/BTC reserve mix, and countercyclical capital management
02:12:04 - Why Strategy does not intend to issue $STRC below par
02:20:34 - Lessons from 2022 and 2026, tokenized securities, Digital Money, and the June 26 dislocation
02:34:54 - Closing remarks
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