SpaceX (NASDAQ: SPCX) stock plunged 13.6% by the U.S. market close on August 5, ending at around $109 after touching an all-time intraday low of $104. Compared with its mid-June peak of more than $220, the stock had nearly halved just two months after its listing. Forbes estimated that Elon Musk’s personal fortune evaporated by $81 billion in a single day, falling to $701.5 billion, although he remained the world’s richest person.
SpaceX Q2 Earnings: Revenue of $7.81 Billion, Up 92% Year Over Year and Above Expectations
SpaceX’s overall Q2 2026 results were as follows: revenue reached $7.81 billion, up 92% year over year and above market expectations, while the net loss narrowed to $541 million, beating analysts’ estimates. However, Q2 capital expenditures reached $18.4 billion, six times higher than in the same period last year, becoming the market’s biggest concern. AI-related hardware and data center construction expenses totaled $15.8 billion, significantly above the original estimate of $13.5 billion and accounting for more than 80% of total spending. SpaceX’s cumulative capital expenditures for the first half of the year reached $28.5 billion.
CFO Bret Johnsen emphasized on the earnings call that “every dollar invested in AI computing can achieve payback in less than a year.” Musk said the company is building AI computing capacity at the fastest pace in the industry and has brought forward its $1 trillion revenue target to 2030 or even 2029.
SpaceX’s 911.5 Million-Share Unlock Wave Arrives
According to estimates by JPMorgan analysts, as many as 911.5 million insider shares could become eligible for sale when the lock-up period expires on August 6. This could increase the number of shares in circulation by 143% and create another major source of short-term pressure on the stock.
Paul Karger, co-founder of private investment firm TwinFocus, cautioned that the unlock does not mean all insiders or early investors will immediately sell. However, it will create substantial potential short-term supply pressure in the market.
Five Major Wall Street Institutions Divided on SpaceX
The major investment institutions’ assessments of SpaceX stock are as follows:
JPMorgan: Raised its price target from $225 to $240 and remains bullish on the advantages of vertical integration; estimates that the AI business could reach $100 billion in 2027
Wells Fargo: Cut its price target from $230 to $215, saying sharply higher capital expenditures are eroding free cash flow
Morgan Stanley: Warned that if the stock falls below $100, it would indicate that the market has assigned the AI business a valuation of zero or even less
Morningstar (Nicolas Owens): Despite the sharp pullback from its peak, the current valuation remains significantly elevated
New Constructs (David Trainer): The market is beginning to question whether every operator can succeed with massive AI spending
Jay Ritter, a finance professor at New York University, pointed out that given Musk’s history of overly optimistic predictions, the market is mostly taking a cautious stance toward the accelerated $1 trillion target.
FAQ
Why did SpaceX stock plunge 13.6% on August 5?
Based on the earnings data, Q2 AI-related capital expenditures reached $15.8 billion, exceeding the market estimate of $13.5 billion and raising concerns about the pace of cash burn. Combined with the short-term selling pressure from the 911.5 million-share unlock wave on August 6, these factors caused the stock to plunge 13.6%, ending at around $109 after touching an all-time intraday low of $104.
How much did SpaceX’s AI capital expenditures reach specifically?
According to the Q2 2026 earnings report, SpaceX’s AI-related hardware and data center expenses reached $15.8 billion, above the estimate of $13.5 billion. Total Q2 capital expenditures reached $18.4 billion, up sixfold year over year, while cumulative capital expenditures for the first half of the year reached $28.5 billion.
How much of Musk’s fortune did he lose due to the stock price decline?
According to Forbes estimates, Musk’s personal fortune evaporated by $81 billion in a single day as SpaceX shares plunged, falling to $701.5 billion, although he remained firmly the world’s richest person.
