SpaceX stock (NASDAQ: SPCX) fell about 9% to $115.80 in extended trading Tuesday after the company’s first earnings report since its June IPO showed sharply higher capital spending despite stronger-than-expected revenue.
SpaceX Stock Hit By $18.4 Billion in Capital Expenditures
Second-quarter revenue reached $7.81 billion, exceeding analyst expectations of roughly $6.93 billion. The company’s net loss narrowed to $541 million from $1 billion a year earlier.
The revenue beat was overshadowed by quarterly capital expenditures of $18.4 billion, more than six times the year-earlier level and well above the consensus estimate of about $13.2 billion.
SpaceX allocated $15.8 billion of that total to AI infrastructure, including development of its large-scale Colossus II computing platform. AI-related capital spending was nearly double the previous quarter’s level.
The company’s CFO said during the earnings call that SpaceX was on pace to reach $100 billion in annualized recurring revenue by year-end. However, the absence of formal financial guidance left investors without a clear timeline for when its elevated investment would begin producing free cash flow.
SPCX Stock Faces August 6 Lock-Up Expiration
Investor attention is also turning to an August 6 lock-up expiration that will make approximately 911.5 million insider shares eligible for sale for the first time since the IPO. Those shares represent roughly 20% of the stock covered by the standard lock-up arrangement.
The potential increase in supply is substantial compared with the company’s existing public float, which represents only about 4% to 5% of total shares outstanding.
The sell-off left SpaceX stock (NASDAQ: SPCX) approaching its 52-week low of $104.83 and well below the 52-week high of $225.64 recorded shortly after the June listing.
Broader U.S. equity indexes moved only modestly during the regular session, underscoring that the selloff in SpaceX shares was driven primarily by company-specific factors. In particular, the S&P 500 rose 0.1%, and the Dow Jones Industrial Average (DJIA) gained 0.3%, while the Nasdaq slipped 0.1%.
