SpaceX shares tumbled 8.12% in pre-market trading following its first quarterly earnings report as a public company, as investors focused on surging capital expenditures and an impending wave of insider share sales rather than a strong revenue beat.
The company reported second-quarter revenue of $7.8 billion, up 92% year-over-year and well above the $6.93 billion consensus estimate, while its net loss narrowed to $541 million. However, total capital expenditures ballooned to $18.4 billion, with AI-related spending alone reaching $15.8 billion. CFO Bret Johnsen signaled that spending would remain at similar levels over the next two quarters, unnerving traders already wary of heavy AI infrastructure costs.
Compounding the selloff, roughly 911 million restricted shares are set to unlock on Thursday, more than doubling the public float and raising the specter of significant insider selling. The combination of aggressive spending commitments and the looming supply overhang overshadowed the company's otherwise robust operational results, extending the after-hours decline into the pre-market session.
