STARBASE, TEXAS / RankWire.AI / – SpaceX saw its shares drop 13.6% on August 5, closing at $108.27. This downturn occurred after the company released its first quarterly results since its initial public offering in June. Investors contrasted robust revenue expansion with the company’s $18.37 billion in capital expenditures during the same period. Investment in artificial intelligence infrastructure grew to $15.83 billion from $749 million a year earlier.
During trading, the stock dipped as low as $107.18 and finished nearly 20% below its $135 IPO price. Through the offering, SpaceX sold 638.9 million Class A shares, including the full underwriters’ option, raising net proceeds of approximately $85.68 billion. Trading commenced on Nasdaq on June 12, with the shares later reaching a high of $201.80.
In the second quarter, SpaceX reported revenue of $7.81 billion, representing a 92% increase from $4.07 billion a year earlier. The company’s net loss was reduced to $541 million from about $1.01 billion, while operating loss decreased to $143 million from $970 million in the same period. Adjusted EBITDA reached $3.54 billion.
Rising expenses in artificial intelligence
The division focused on artificial intelligence generated $2.56 billion in revenue for the quarter, marking a 247.5% rise from $737 million. The increase was mainly driven by new AI services and infrastructure, totaling $1.88 billion. Meanwhile, advertising revenue declined by $59 million in the same period. The division recorded a $1.26 billion operating loss as R&D spending surged 94.1% to $2.18 billion.
Starlink and other connectivity offerings continued to be SpaceX’s top revenue generators. Connectivity sales climbed 65.8% to $4.29 billion, with operating income increasing by 79.4% to $1.66 billion. Customer subscriber numbers grew by 101.2%, although average revenue per user fell 22.4%. Revenue from government, aviation, maritime, and enterprise operations added another $939 million.
Beginning of extensive post-IPO share unlock
Starting August 6, up to 911.5 million shares held by employees and early investors will become eligible for sale. This represents approximately 6.9% of SpaceX’s 13.18 billion Class A and Class B shares outstanding, exceeding the IPO sales by about 272.6 million shares. The company detailed the phased release schedule in its prospectus filed with the Securities and Exchange Commission.
As of the July 28 report, SpaceX had 7.70 billion Class A shares and 5.49 billion Class B shares outstanding. At the August 5 closing price, the first available block’s notional value was near $98.7 billion. By June’s end, the company held $93.52 billion in cash along with $6.49 billion in marketable securities. The August 6 session will mark the first day when eligible holders can sell shares from the initial restricted group.