SpaceX Stocks Hit Post-IPO Low at $108.27 Amid AI Spending Surge

SpaceX stock closed at $108.27 on August 5 US time, down $17.06 or 13.61%, marking the lowest close since its initial public offering. The decline occurred despite the space exploration company reporting second-quarter revenue of $7.8 billion and adjusted EBITDA of $3.5 billion, both exceeding Wall Street estimates. The stock drop was attributed to surging artificial intelligence infrastructure spending and concerns over an upcoming lock-up expiration. SpaceX's second-quarter capital expenditures totaled $18.37 billion, with AI-related spending alone reaching $15.8 billion—more than double the prior quarter's $7.7 billion. The lock-up expiration covers up to 20% of total shares, representing three times the current trading float.

SpaceX Reports Q2 Revenue and EBITDA Above Consensus

SpaceX reported second-quarter revenue of $7.8 billion, surpassing Wall Street's consensus estimate of $6.81 billion, according to Yahoo Finance. The company's adjusted EBITDA for the quarter reached $3.5 billion, significantly exceeding the market consensus of $2 billion. This marked the company's first earnings report since going public.

AI Capital Expenditures Surge to $15.8 Billion in Q2

SpaceX's total capital expenditures in the second quarter reached $18.37 billion. Of this total, AI-related spending accounted for $15.8 billion, more than doubling from the prior quarter's $7.7 billion. The AI segment recorded an operating loss of $1.26 billion in the second quarter.

Lock-Up Expiration Covers Up to 20% of Total Shares

Corey Johnson, an analyst at independent research firm Epistrophy Capital, stated that the lock-up on insider-held shares expires on the 6th, covering up to 20% of total shares. Johnson noted this represents three times the current trading float and is exerting downward pressure on the stock price.

JP Morgan Projects Annual CAPEX Approaching $200 Billion by 2027-2028

Doug Anmuth, a JP Morgan analyst, stated that SpaceX's annual capital expenditures are projected to approach $200 billion each in 2027 and 2028. Anmuth noted this level of spending will place considerable pressure on free cash flow.

FAQ

What caused SpaceX stocks to hit a post-IPO low on August 5?

SpaceX stock closed at $108.27 on August 5 US time, down 13.61%, due to concerns over surging AI infrastructure spending that reached $15.8 billion in Q2 and an upcoming lock-up expiration covering up to 20% of total shares.

How much did SpaceX spend on AI infrastructure in Q2?

SpaceX spent $15.8 billion on AI-related capital expenditures in the second quarter, more than double the prior quarter's $7.7 billion, contributing to total CAPEX of $18.37 billion.