losses

Revenue was up more than 90 percent from the same period a year ago, beating analyst expectations.

SpaceX reported a loss of more than half a billion dollars in its first quarterly statement as a public company, but the loss was less than Wall Street expected and revenue soared.

On Tuesday, the company run by Elon Musk reported a loss of $541m, or 9 cents per share, in the three months through June, less than half what financial analysts had expected.

Revenue jumped to $7.8bn, up more than 90 percent from the year-earlier period, beating analyst expectations. LSEG had forecast revenue growth of more than $6.9bn, and Bloomberg analysts had forecast $6.8bn.

The Starbase, Texas-based giant ended the second quarter with $100bn in cash, according to United States Securities and Exchange Commission filings.

The company touted several achievements in the quarter, including $6bn in new US government contracts for Starshield, its national security-centric satellite system, and two successful launches of its Starship V3 in the last 90 days.

Starlink and SpaceX’s broader connectivity operations remain the company’s primary financial engine, underpinning Musk’s push to build an AI-first business that extends beyond renting compute capacity to developing frontier models, consumer and enterprise software, and, eventually, data centres in space.

The company’s satellite-internet unit has continued to expand its global subscriber base, aided by launches of additional satellites and a growing range of consumer, enterprise, aviation, maritime and government services.

Investors are watching whether SpaceX can maintain growth while improving the economics of its network, particularly as it spends heavily to expand coverage, increase capacity and develop direct-to-device mobile services.

The company said it spent $18.37bn on Starlink and Starship expansion efforts, in addition to building out its AI infrastructure. Musk said the company expects its “Starmind” AI satellites to be launched next year.

In its AI business, the tech giant had an operating loss of $1.2bn, as the company also released its most powerful Grok model yet. This comes as the company faces lawsuits around the globe for Grok being used to generate sexualised images of people without their consent.

Separately, SpaceX said it had partnered with Nvidia to use its chips in the Starmind AI1 orbital compute satellites.

When SpaceX debuted on public markets earlier this year, it was the largest stock market debut in history, cementing Musk as the world’s first trillionaire. However, it was a short-lived title because of a sell-off in the broader AI sector and on investor worries that Musk had oversold them on the company’s future prospects for space travel and colonisation, among other issues.

The company’s stock has tumbled 8 percent since its IPO.

SpaceX surged on Tuesday trading. It finished the day up 9.4 percent, but has since tumbled in after-hours trading and was down 7.2 percent since the market close.

Seoul shares again plummeted Thursday, led by steep losses in technology heavyweights, as escalating tensions in the Middle East weighed on investor sentiment. The Korean won rose against the U.S. dollar.

After opening 4.45 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) extended its losses to close at 6,820.60, down 463.81 points, or 6.37 percent from the previous session, after falling as low as 6,730.87.

The Korea Exchange, the country’s bourse operator, activated a sell-side sidecar on the KOSPI for 20 minutes at around 9:10 a.m. after the benchmark index fell more than 5 percent.

The decline came after the index surged 6.24 percent Wednesday as softer-than-expected U.S. inflation data eased concerns about near-term Federal Reserve interest rate hikes.

Adding to investor jitters, the Bank of Korea (BOK) raised its benchmark interest rate by a quarter percentage point to 2.75 percent earlier in the day, the first increase in 3 1/2 years, to curb inflation amid escalating tensions in the Middle East.

The U.S. launched fresh strikes on Iran, escalating tensions in the Middle East and renewing concerns over potential disruptions to regional energy supplies.

“Profit-taking followed sharp gains in technology stocks a session earlier, while persistent concerns over the semiconductor industry kept the index under pressure,” Kang Jin-hyeok, an analyst at Shinhan Securities Co., said.

Institutional and foreign investors sold a net 2.37 trillion won (US$1.6 billion) and 1.38 trillion won worth of shares, respectively, while retail investors bought a net 3.66 trillion won.

Technology stocks led the decline.

Market bellwether Samsung Electronics plunged 8.77 percent to 255,000 won, while rival chipmaker SK hynix tumbled 11.53 percent to 1,842,000 won.

Top automaker Hyundai Motor fell 2.07 percent to 425,000 won, while steelmaker POSCO Holdings slipped 0.95 percent to 311,500 won.

Among gainers, shipbuilder Hanwha Ocean rose 5.73 percent to 86,700 won, while leading beverage firm Hitejinro gained 2.47 percent to 14,910 won.

The Korean won was quoted at 1,480.4 won against the U.S. dollar at 3:30 p.m., up from 1,484.7 won the previous session.

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Seoul shares plunged 9 percent Monday as investors dumped technology stocks for profit-taking amid renewed tensions in the Middle East. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 669.01 points, or 8.95 percent, to close at 6,806.93 after falling as low as 6,783.43.

Trade volume was moderate at 469.86 million shares worth 39.8 trillion won (US$26.5 billion), with decliners far outnumbering gainers 713 to 179.

Institutions and foreigners sold a net 2.22 trillion won and 1.7 trillion won worth of shares, respectively, while individuals bought a net 3.9 trillion won.

After opening 0.85 percent lower, the KOSPI extended its losses, triggering a circuit breaker that temporarily halted trading of KOSPI-listed stocks for 20 minutes. It marked the seventh activation of the measure this year.

On Friday, U.S. stocks advanced, buoyed by South Korean chipmaker SK hynix’s multibillion-dollar U.S. share offering. The Dow Jones Industrial Average gained 0.29 percent, while the tech-heavy Nasdaq Composite also rose 0.29 percent.

SK hynix’s American depositary receipts (ADRs) on the Nasdaq closed at US$168 each, well above the offering price of $149.

Despite the successful U.S. market debut, SK hynix shares tumbled as investors took profits and shifted to the company’s ADRs, analysts said.

Investor sentiment was also dampened by heightened uncertainty in the Middle East after the United States and Iran exchanged fresh strikes over the status of the Strait of Hormuz.

“The country’s newly introduced single-stock leveraged exchange-traded funds linked to Samsung Electronics and SK hynix continued to fuel volatility in the stock market,” Samsung Securities said in a research note.

Tech stocks led the decline.

Market bellwether Samsung Electronics plunged 10.7 percent to 254,500 won, while its chipmaking rival SK hynix plummeted 15.37 percent to 1,845,000 won.

Top carmaker Hyundai Motor fell 2.95 percent to 444,000 won, and defense giant Hanwha Aerospace declined 3.21 percent to 936,000 won.

Among gainers, leading battery maker LG Energy Solution rose 0.77 percent, and leading refiner SK Innovation climbed 7.09 percent to 110,200 won.

The Korean won was quoted at 1,503.4 won against the U.S. dollar at 3:30 p.m., down 2 won from the previous session.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 4.1 basis points to 3.809 percent, and the return on the benchmark five-year government bonds climbed 3.3 basis points at 4.041 percent.

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It would be fitting if Ireland’s first win in the T20 World Cup came against the Scots given they denied the Irish a place in the tournament two years ago as they pulled off a shock victory to reach the tournament for the first time.

Lewis said there was “major heartbreak” in the Ireland camp after that sore defeat that forced the squad to have to watch the World Cup from home.

Ireland are in a better place now and come into the tournament off the back of a productive Tri-Nations series in Clontarf where they beat both Pakistan and the West Indies.

“The series was a great success, we’ve got the results behind us. Confidence is high and that’s exactly what you want going into a World Cup,” Lewis added.

Lloyd Tennant’s side are ranked ninth in the world but are in a tough Group B which also has hosts England, holders New Zealand, Sri Lanka and West Indies alongside the Scots.

They will face all five sides with the top two in the group moving through to the semi-finals where they will face the top two from Group A.

Scotland won by 39 runs the last time the two sides met in Nepal in January and Lewis believes getting off to a good start in their first game is “massive” for Ireland in terms of momentum.

“There’s a big rivalry between us and them. They’ve probably got one up on us at the moment after beating us in Nepal. I think we’re looking good and we’re really excited for it.

“They’ve got a new addition in Kirsty Gordon [a former England spinner] which is a boost for them.

“If we get the win, then you never know against England.”

After reportedly losing dozens of MQ-9 Reaper drones while battling Iran, the Air Force on Friday confirmed to TWZ that it is planning to purchase an undisclosed number of unused ones from General Atomics, who made the aircraft. The company, however, said it has less than 10 of these drones to offer, and it remains unclear where else the Air Force can find more.

All of this continues to raise serious questions about the Air Force’s near-term ability to plug gaps left by the losses fighting against Iran and in other recent operations in and around the Middle East. The downed Reapers have a reported combined value of about $1 billion.

Furthermore, despite the top Air Force officer recently praising Reaper as “perhaps the most valuable player” in the air war against Iran, the aircraft have been in the crosshairs of service officials. They have openly questioned the drone’s survivability and, by extension, general value in future operations. The Air Force has made several half-hearted efforts, without success, to find a successor. It is now in the early stages of a new attempt at acquiring an “MQ-9 Next.” You can read more about that effort in our story here.

It will be years, if ever, before “MQ-9 Next” comes online. Meanwhile, the search is on for existing replacements.

“The USAF intends to purchase several unused MQ-9A Block 5 from GA-ASI [General Atomics Aeronautical Systems, Inc.],” a spokesperson for the service told TWZ today. “A number of MQ-9A Block 5 aircraft were manufactured based on forecasted purchases for other customers but are no longer needed. The available aircraft are currently GA-ASI owned aircraft.”

“The USAF has received funds to begin the acquisition process,” they added.

The Air Force was responding to our questions about congressional testimony from a top officer highlighting the service’s plans to backfill the combat losses. 

“We’re looking at options to buy back as many of the MQ-9As as we possibly can right now,” Air Force Lt. Gen. David Tabor, Deputy Chief of Staff for Plans and Programs, had told members of Congress at a hearing back on May 13. “So there’s a bit of a short-term effort to buy back things immediately, in this fiscal year.”

Tabor also said at that time that the Air Force’s total MQ-9A fleet had shrunk to 135 aircraft. Official budget documents say the Air Force had 165 Reapers in inventory as of the start of Fiscal Year 2026, which began on October 1 of last year. This had already marked a significant year-over-year decrease, down from 231 MQ-9As at the beginning of Fiscal Year 2025.

Despite Air Force needs, General Atomics told us the number of available Reapers is in short supply.

“Between parts in stock for new builds, and company-owned Reapers with some number of flight hours on them, there are less than 10 total ‘new’ MQ-9As available to any customers anywhere in the world,” General Atomics spokesperson C. Mark Brinkley told TWZ earlier this week. “There are some number of decommissioned Reapers out there, and some number of those could potentially be brought back into service.”

One place the Air Force won’t be able to find any Reapers is in storage. 

“The 309th Aerospace Maintenance and Regeneration Group (The Boneyard) has zero MQ-9s in storage nor have they ever regenerated a MQ-9 back into service,” the spokesperson told us.

The MQ-9A is out of production. General Atomics has moved on to the MQ-9B, and currently offers those drones in multiple configurations. Though an evolution of the original Reaper, the core B model design differs in significant ways from its predecessor. Any new Air Force purchases of drones in this broader family would have to be of the B model and worked into the existing production schedule.

How many MQ-9As the Air Force has lost in operations in and around the Middle East since January 2025 is unclear, but is understood to be substantial. As of May, “nearly 30 MQ-9 Reapers have been lost in the course” of Operation Epic Fury against Iran, Air & Space Forces Magazine reported, citing “people familiar with the matter.” This is on top of dozens of Reapers reportedly downed while conducting operations targeting Iranian-backed Houthi militants in Yemen in the past year or so.

At the hearing last month, Tabor did not provide any official accounting of Reaper losses, but did acknowledge that “we are concerned about how they’ve attrited.”

In another effort to bolster the supply of operational Reapers, the Air Force told us that while it never regenerated MQ-1 Predator drones back into service, it was repurposing parts from these aircraft that the service stopped using in 2020. There were dozens on hand after they were retired.

More than 50 were sent to the 309th Aerospace Maintenance and Regeneration Group (AMARG) “and heavily cannibalized for spare parts for the MQ-9 aircraft,” the spokesperson told us.

Questions about the status of the MQ-1 fleet arose last week after U.S. Central Command (CENTCOM) acknowledged the loss of an “MQ-1” drone to Iranian fire. This has led many to question whether American forces are flying the venerable Predator again as a result of the Reaper losses.

At the time, the Air Force declined to say if it lost any of theirs and referred us to CENTCOM, which declined comment. However, on Friday, the Air Force told us that in addition to the Predators being used for parts, 20 had been transferred to the Navy. We reached out to them for comment. 

As we previously noted, it is also very possible, if not likely, that the uncrewed aircraft in question was an MQ-1C Gray Eagle, a related but different design still in active U.S. Army service. You can read more about this event in our original story here.

At the time of the incident, CENTCOM declined to tell us which variant of the MQ-1 was lost.

Regardless, the Air Force’s mad scramble to find additional Reapers highlights the value of having a high-flying, long-loitering drone that can gather intelligence and fire off munitions, no matter how slow it flies.

Contact the author: howard@twz.com