On August 5, SpaceX declined 11.21% in regular trading, trading at $110.3/share with turnover of $2.975 billion.
The sell-off was triggered by the company's first post-IPO quarterly report revealing enormous capital expenditure, compounded by a historic share unlock due the following day. SpaceX reported Q2 revenue of $7.8 billion, up 92% year-over-year and well above the $6.9 billion consensus estimate. However, quarterly capital expenditure surged to $18.4 billion — up from $2.8 billion a year earlier — with $15.8 billion allocated to AI infrastructure. The CFO explicitly stated spending would remain at similar levels for the next two quarters, while Morgan Stanley projects the company may not achieve positive free cash flow before 2035.
Simultaneously, approximately 912 million restricted shares are set to unlock on August 6, representing potential selling pressure approaching $100 billion. Short interest currently stands at 34% of the float. The combination of aggressive AI spending with uncertain near-term returns and massive impending share supply overwhelmed otherwise strong top-line performance.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
