异动解读 | AI资本支出激增叠加解禁潮临近，SpaceX夜盘大跌7.62%
异动解读08-05
SpaceX（SPCX）在周二夜盘交易中大幅下跌7.62%，尽管该公司刚刚公布的上市后首份季度财报显示营收远超市场预期。
消息面上，SpaceX于盘后发布了2026年第二季度财报。财报显示，公司二季度营收达到78.14亿美元，同比增长92%，大幅超出市场预期的69亿美元；每股亏损0.09美元，远好于预期的亏损0.26美元；星链用户数翻倍至1200万，连接业务运营利润达16.6亿美元。然而，业绩全面超预期并未能提振股价，核心原因在于AI相关资本支出激增。二季度公司总资本支出高达183.7亿美元，其中AI业务资本支出达158.3亿美元，远超市场预期。首席财务官布雷特·约翰森在电话会议上表示，预计第三和第四季度的资本支出将与二季度水平相当，这意味着巨额“烧钱”模式短期内不会结束。
此外，市场对即将到来的限售股解禁潮也感到不安。根据招股书安排，8月6日SpaceX将迎来上市后的首轮限售股解禁，解禁股数最多为9.115亿股，潜在解禁市值接近千亿美元。与此同时，S3 Partners数据显示，当前SpaceX空头仓位占流通股比例已高达34%，做空力量强劲。在高昂的AI投入和解禁供给压力的双重打击下，业绩利好被迅速消化，股价承压下行。
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