SpaceX hisseleri, Wall Street'in beklentilerini aşan gelire rağmen mesai sonrası işlemlerde düşüş yaşadı

SpaceX stock dips in after-hours trading, despite revenue beating Wall Street expectations

Michael Bodley

Wed, August 5, 2026 at 1:34 AM GMT+3 3 min read

• SPCX -13.61%

A SpaceX Falcon 9 rocket launches on July 30 at Cape Canaveral in Florida.

NurPhoto/Getty Images

SpaceX shares, which fell in recent weeks after popping about 20% in its June 12 IPO, dropped about 6% Tuesday after reporting its first quarterly earnings.

For its venture capital investors, the slump presents a liquidity hiccup: SpaceX, in its IPO filings, imposed a tiered lockup on private-market investors selling shares. The first earnings release opens an initial window to sell up to 20% of restricted stock on Aug. 6. Additional selling hinges on a performance trigger the stock has yet to hit.

SpaceX beat Wall Street's consensus revenue estimate of $6.9 billion for Q2, reporting a net loss of $541 million on $7.8 billion in revenue.

The company expects to hit $100 billion of ARR by the end of this year, CFO Bret Johnsen said on the earnings call, adding that it now has about $100 billion of cash, cash equivalents and marketable securities on hand.

The stock gained 9.43% during Tuesday's session ahead of earnings, closing at $125.33 per share. SpaceX shelled out $18.4 billion in capital expenditure for Q2, highlighted by $15.8 billion in AI spend, an increase from the first quarter's total CapEx of $10.1 billion.

"The report confirms what we knew about AI spend, and it does little to quell concerns about the cost to build out AI infrastructure," said Franco Granda, a PitchBook senior research analyst. "CapEx came in significantly higher than expected, but I don't see it as a concern. ... They've been able to deploy faster than expected, which in theory should let them build faster than expected."

Sign up for The Daily Pitch newsletter Subscribe

Before earnings, Morningstar pegged SpaceX's fair value at $62 per share, down from $63 after accounting for dilution from its purchase of Cursor—meaning the stock's $114.53 Monday close traded 85% above what Morningstar considers it worth. SpaceX agreed in June to acquire Cursor for $60 billion in an all-stock deal.

SpaceX's Q2 earnings shed new light on the company's financials from the first full quarter it spent largely as a private company. Elon Musk's company continues to shell out heavy capital expenditures on data centers and AI infrastructure.

"The thesis was never about a single quarter," said Mike Alves, founder of VIDA Vision Fund and a SpaceX investor. "It's about who owns the infrastructure layer for the next era of space and compute. … A post-IPO drawdown like we've seen isn't unusual for a company this size proving out new business lines in public for the first time."

SpaceX previously disclosed a net loss of $4.9 billion on $18.7 billion in revenue last year. In Q1, the company posted a net loss of $4.3 billion on $4.7 billion in revenue.

SpaceX's rocket business accounts for a relatively small share of the company's overall revenue. But that business has come under renewed competition as Jeff Bezos' Blue Origin looks to raise $10 billion at a $130 billion valuation in a first-time venture round led by Coatue.

This article originally appeared on PitchBook News