The Investigative Journal’s daily review of notable filings, orders, and enforcement actions posted to SEC systems. This edition covers materials posted through Tuesday, August 4, 2026, drawn from SEC litigation releases, Commission opinions, and EDGAR filings, with direct links to the underlying public records.
SpaceX’s first earnings report as a public company: revenue up 92 percent, first-half loss of $4.8 billion
Space Exploration Technologies Corp. (Nasdaq: SPCX) filed its first quarterly report and earnings release as a public company on Tuesday afternoon, six weeks after completing the largest initial public offering on record. According to the earnings release furnished to EDGAR (Accession No. 0001628280-26-052515), second-quarter revenue was $7,814 million, up 92 percent from $4,071 million a year earlier, while the net loss narrowed to $541 million from $1,008 million. The release reports Adjusted EBITDA of $3,538 million, up from $1,214 million. Segment disclosures show the company’s profit engine remains Connectivity — $4,291 million in revenue and $1,656 million in operating income, with Starlink reaching 12.0 million subscribers, roughly double a year ago, at reported average revenue per user of $66 — while the AI segment produced $2,561 million of revenue against a $1,257 million operating loss, and the Space segment recorded $962 million of revenue and a $542 million operating loss.
The accompanying Form 10-Q contains the disclosures that reward a closer read. Filings indicate first-half revenue of $12,508 million against a first-half net loss of $4,817 million, first-half capital expenditures of $28,476 million directed at AI infrastructure, satellites, and facilities, and total assets of $192,770 million. The 10-Q states that backlog totaled $47,461 million as of June 30, of which $14,286 million was recorded as deferred revenue. Two items warrant particular attention from a disclosure standpoint: the company reports bitcoin holdings with a cost basis of $661 million and a fair value of roughly $1.1 billion, and it discloses a $354 million accrual for litigation matters it assesses as probable and reasonably estimable — while stating that additional legal and regulatory matters exist for which potential losses cannot yet be estimated.
The context for the quarter is the company’s extraordinary capital-markets run. Its June IPO of 638,888,888 Class A shares priced at $135.00 (closing 8-K) yielded approximately $85.7 billion in net proceeds, and the company issued $25 billion of senior unsecured notes across five tranches maturing 2031 through 2056 (notes 8-K), leaving roughly $100 billion in cash, equivalents, and marketable securities at quarter-end, according to the release. The report also lands two trading days before a significant test: press reports, citing the IPO lock-up terms, indicate that a first early-release window opens Thursday, August 6, permitting insiders to sell up to 20 percent of restricted holdings — as many as 911.5 million shares. The company’s pending $60 billion all-stock acquisition of Anysphere, Inc. (Cursor), disclosed in a June 16 8-K, remains slated to close in the third quarter, subject to regulatory approvals.
AMD posts a record $11.5 billion quarter as data center revenue doubles
Advanced Micro Devices, Inc. (Nasdaq: AMD) announced second-quarter results after Tuesday’s close, reporting record revenue of $11.5 billion, up 50 percent year over year, according to the company’s press release, which the company furnishes to EDGAR alongside its Form 8-K filings. GAAP gross margin was 54 percent, operating income $2.0 billion, net income $2.3 billion, and diluted EPS $1.38; on a non-GAAP basis the company reported a 56 percent gross margin, $3.1 billion of operating income, and diluted EPS of $1.66. Data Center segment revenue was $6.7 billion, up 107 percent year over year on demand for EPYC processors and Instinct GPUs, and represented 58 percent of company revenue.
For the third quarter, the release states AMD expects revenue of approximately $13 billion, plus or minus $300 million — roughly 41 percent year-over-year growth at the midpoint — with non-GAAP gross margin of approximately 56 percent. CFO Jean Hu said the company expects data center sales to accelerate in the second half. For disclosure watchers, the filing pair worth tracking is the Form 10-Q that will follow: with data center concentration now above half of revenue, the risk-factor and customer-concentration discussions have become the quarter’s most consequential text.
SEC settles with former New Jersey corrections officer over “Blazar Token” pension-replacement pitch
In Litigation Release No. 26599, dated August 4, the Commission disclosed that it filed a consent and proposed final judgment in the District of New Jersey as to John A. DeSalvo, a former New Jersey corrections officer sued in August 2023. The SEC’s complaint alleges DeSalvo raised at least $623,888 from approximately 222 investors for the so-called Blazar Token by claiming the token would replace traditional state pension systems, falsely telling investors it was registered with the SEC, claiming he had arranged purchases by automatic payroll deduction, and guaranteeing extraordinary returns. The complaint also alleges an earlier scheme that raised roughly $95,000 from 17 investors for a purported stock, options, and crypto trading program.
Under the proposed judgment, which remains subject to court approval, DeSalvo consented to permanent injunctions under the registration and antifraud provisions of the securities laws, a conduct-based injunction permanently barring him from participating in the issuance, offer, or sale of any security, and disgorgement of $681,105 — deemed satisfied by the restitution order entered in the parallel criminal case, United States v. DeSalvo. The matter is a textbook example of the affinity-fraud pattern the Commission’s retail-focused enforcement program has prioritized: an offering pitched to public employees through a claim of official registration that records indicate did not exist.
Commission trims one of three FINRA bars in DreamFunded appeal — nearly five years after it was filed
In an opinion dated August 3 (Release No. 34-106028), the Commission resolved the long-pending appeal of DreamFunded Marketplace, LLC, a defunct crowdfunding portal, and founder Manuel Fernandez from FINRA disciplinary action. The Commission sustained FINRA’s findings that the applicants failed to respond fully to an information request — ultimately producing 40 of 276 requested bank statements and none of the requested accounting records across five extensions — and made false and misleading statements to investors, including a video representing that the portal had invested more than $100 million in startups and website claims overstating its due diligence on issuers.
On sanctions, the Commission sustained two of the three expulsions and bars FINRA imposed but set aside the third, which rested on gatekeeping and supervisory violations, finding FINRA’s explanation for that additional sanction insufficient and declining to remand given the sanctions already sustained and the time elapsed. The timeline is itself notable for a proceeding involving one of the first generation of JOBS Act funding portals: the appeal was filed in October 2021 and decided August 3, 2026, with the Commission’s May 2026 stay of the expulsions now terminated. For crowdfunding investors, the case underscores that the portals intermediating exempt offerings carry real gatekeeping duties — and that discipline for breaching them can take half a decade to become final.
MarketAxess detail worth a second look: executive severance was sweetened the day the ICE deal was signed
A filing from late last week merits attention as its proxy process begins. MarketAxess Holdings Inc. (Nasdaq: MKTX) disclosed in an 8-K filed July 30 that it agreed to be acquired by Intercontinental Exchange, Inc. for $167.00 per share in cash, with a $148.8 million company termination fee and a $327.4 million reverse fee payable by ICE in specified antitrust-failure scenarios. Less noticed: under Item 5.02 of the same filing, the company amended severance arrangements for CEO Christopher Concannon, CFO Ilene Fiszel Bieler, and General Counsel Scott Pintoff on July 29 — the day the merger agreement was signed — expanding the definition of “Good Reason,” providing accelerated vesting of equity awards during a change-of-control protection period, and, for the CEO, lump-sum severance plus a pro-rata bonus.
Deal-related compensation changes of this kind are lawful and must be disclosed, which is precisely why they belong in the record now: the forthcoming merger proxy will put the full “golden parachute” figures to a non-binding shareholder vote. TIJ will compare the proxy’s Item 402(t) tables against these amendments when the Schedule 14A is filed.
From the EDGAR docket: Teladoc adds an audit-committee veteran to an expanded board
Teladoc Health, Inc. (NYSE: TDOC) disclosed in an 8-K dated August 3 that its board increased its size to ten directors and appointed Mark V. Anquillare, who joins both the audit and compensation committees. The filing states the board determined Anquillare is independent under NYSE standards and qualifies as an “audit committee financial expert” under SEC rules, and reports no arrangements or related-party transactions connected to his selection.
Item 5.02 board filings rarely move markets, but audit-committee composition is a leading indicator worth logging: companies typically deepen financial expertise on that committee ahead of heavier reporting demands, not after them.
What TIJ is watching
Several threads from this docket warrant follow-up. First, Thursday’s SpaceX lock-up window: Forms 4 and 144 filed in the days after August 6 will show whether insiders — and which ones — use the early-release allowance, and at what scale. Second, SpaceX’s $354 million litigation accrual and its acknowledgment of matters not yet estimable deserve a line-by-line read of the 10-Q’s legal proceedings note, which TIJ will publish separately. Third, the August 14 deadline for second-quarter Form 13F reports will reveal institutional positioning in the quarter that included the SpaceX IPO and the run-up to the MarketAxess deal; early filings are already arriving on SEC systems and EDGAR’s latest-filings feed. Fourth, the RAD Diversified bankruptcy examiner’s work in the Middle District of Florida remains on our docket from last week’s $152 million fraud complaint. Finally, the MarketAxess preliminary merger proxy and the parties’ Hart-Scott-Rodino timeline will indicate whether the exchange consolidation wave draws antitrust attention.
Methodology and fair-treatment note: Every factual claim above is drawn from, and linked to, public records — SEC litigation releases, Commission opinions, and EDGAR filings as posted by the Commission, supplemented where indicated by company investor-relations releases and attributed press reports. Allegations in pending or settled-but-unapproved matters are identified as such; consent judgments are not findings of liability unless a court or the Commission has so found. Companies and individuals named in this digest may submit responses or corrections to The Investigative Journal, which will be reviewed and appended where warranted; none had provided comment to TIJ at press time. Featured image: NASA (U.S. government work, public domain).