SpaceX Shares Plunge 13.6% on AI Capex Surge and Lockup

SpaceX's stock dropped 13.6% after the company announced a sixfold increase in quarterly spending, causing a stock selloff. The company's shares hit an all-time low, and the net loss narrowed to $541 million. However, its Q2 revenue of $7.81 billion beat Wall Street estimates.

SPCX shares plunged 13.6% after the company's first earnings report as a public company revealed a sharp surge in AI-related capital expenditures. Forbes noted the spending jump "seemingly spooked investors and analysts" even as headline numbers beat estimates .

The selloff tests how the market will value a young, high-growth company that is still unprofitable. Investors cheered SpaceX's IPO on Starlink and Starship growth, but the scale of new AI compute spending raised questions about capital discipline one quarter after going public.

Q2 revenue came in at $7.81 billion, ahead of the $6.9 billion consensus, and net loss narrowed to $541 million from $1 billion a year earlier. Loss per share of $0.09 was narrower than the $0.26 loss analysts had modeled . What alarmed investors was capex: capital expenditures reached roughly $28.5 billion in the first half of 2026, versus about $7 billion a year earlier, a sixfold jump tied to AI infrastructure buildout .

The stock now faces a second test as the first tranche of insider IPO shares becomes eligible to trade, which could add selling pressure if early holders cash out . Analysts are split: JPMorgan raised its price target citing vertical integration, while Wells Fargo cut its target on concerns spending is outpacing revenue growth. Watch the stock around the lockup expiration and whether capex begins converting into revenue.

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