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Update: SpaceX Q2 Loss Narrows, Revenue Rises; Musk Targets $1 Trillion Revenue by 2030 - Shares Down Pre-Bell

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(Updates to include Elon Musk's statement, details on capex, and recent stock movement in the headline and the last three paragraphs)

SpaceX (SPCX) reported a Q2 loss late Tuesday of $0.09 per diluted share, narrowing from a loss of $0.34 a year earlier.

Analysts polled by FactSet expected a loss of $0.23.

Revenue for the three months ended June 30 was $7.81 billion, up from $4.07 billion a year earlier.

Analysts expected $6.83 billion.

The space exploration company also reported Q2 total capital expenditures of $18.37 billion, up from $2.83 billion in the year-ago quarter.

In a statement on earnings call transcript, Chief Executive Elon Musk said the company expects to surpass $100 billion in annual recurring revenue by December and has accelerated its internal timeline to reach $1 trillion in annual revenue to 2030 from 2031. Musk added there is a "nonzero chance" the company could achieve the $1 trillion revenue milestone as early as 2029.

SpaceX shares were down 10% in premarket activity.

Price: $112.95, Change: $-12.38, Percent Change: -9.88%

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