STARBASE, TEXAS / RankWire.AI / – SpaceX experienced a 13.6% drop in its stock price on August 5, closing at $108.27. This decline came after the company’s first quarterly report following its June initial public offering. Investors faced a balance between robust revenue growth and the company’s $18.37 billion expenditure in capital during the quarter. Notably, artificial intelligence infrastructure expenses reached $15.83 billion, a significant increase from $749 million a year earlier.
During trading, the stock dipped to $107.18 before ending the session nearly 20% below its $135 IPO valuation. Through the offering, SpaceX sold 638.9 million Class A shares, including the full underwriters’ option, raising approximately $85.68 billion in net proceeds. Trading commenced on Nasdaq on June 12, with the shares reaching a high of $201.80 later on.
In the second quarter, SpaceX reported revenues of $7.81 billion, marking a 92% increase from $4.07 billion a year prior. The firm reduced its net loss to $541 million from around $1.01 billion. Operating loss also decreased to $143 million from $970 million during the same period. Adjusted EBITDA totaled $3.54 billion.
Rapid escalation in AI expenditure
The AI division generated $2.56 billion in revenue for the quarter, a 247.5% jump from $737 million. The increase was driven largely by new AI services and infrastructure, contributing $1.88 billion. Meanwhile, advertising revenue declined by $59 million. Despite the revenue gains, the division posted a $1.26 billion operating loss as R&D costs surged 94.1% to $2.18 billion.
Starlink and other connectivity services remained SpaceX’s primary revenue sources. Connectivity sales rose 65.8% to $4.29 billion, with operating income increasing 79.4% to $1.66 billion. Customer subscriber numbers grew by 101.2%, although average revenue per user dropped 22.4%. Additional revenue growth was driven by government, aviation, maritime, and enterprise sectors, adding $939 million.
Significant post-IPO share release underway
Starting August 6, up to 911.5 million employee and early investor shares become eligible for sale. This amount represents roughly 6.9% of SpaceX’s 13.18 billion outstanding Class A and Class B shares, exceeding the 272.6 million shares sold during the IPO. The company detailed its phased release plan in the SEC-filed prospectus.
At the August 5 closing price, the initial unlocked share block had a notional value near $98.7 billion. As of July 28, SpaceX reported owning 7.70 billion Class A shares and 5.49 billion Class B shares. By the end of June, the company held $93.52 billion in cash and $6.49 billion in marketable securities. August 6 will mark the first day eligible shareholders can sell shares from the initial restricted group.
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