SpaceX (SPCX) shares tumbled 5.23% in after-hours trading on Tuesday, despite delivering a stronger-than-expected second-quarter earnings report in its first quarterly release as a public company.
The rocket and satellite company reported Q2 revenue of $7.814 billion, surpassing the analyst consensus estimate of $6.934 billion, and a narrower-than-expected loss of $0.09 per share compared to the projected $0.24 loss. However, the positive results were overshadowed by concerns over a massive insider lockup expiration set for August 6, which will release roughly 911.5 million shares into the market, more than doubling the current public float.
Additionally, SpaceX disclosed capital expenditures of $18.37 billion for the quarter, significantly higher than the $13 billion analysts had forecast, driven largely by AI infrastructure spending. With short interest already elevated at approximately 34% of the float heading into the report, traders braced for further selling pressure as the lockup expiration approaches, muting the market's reaction to the earnings beat.
