SpaceX shares tumbled 7.62% in post-market trading after the company released its first-ever quarterly earnings 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 August 6, more than doubling the public float and raising the specter of significant insider selling. Short interest has also surged to over 34% of the float, adding to the bearish pressure. The combination of aggressive spending commitments and the looming supply overhang overshadowed the company’s otherwise robust operational results.
