SpaceX shares plunge on debut earnings as capex stays high

2026-08-06

Sell-off dominates on first earnings

SpaceX shares closed 14% lower at $108.27 on the 5th. After the company released its first quarterly earnings since listing on the evening of the 4th, the stock briefly fell as much as 15% during trading. Investors were disappointed by a sharp rise in capital spending, mainly tied to AI, in the April-June quarter and the plan to maintain high levels of investment.

Revenue rises, but investment burden heavy

Revenue for the April-June quarter of 2026 rose 92% from a year earlier to $7.814 billion, or about 1.2 trillion yen. The net loss was $541 million, narrower than the $1 billion loss a year earlier. Capital expenditure, meanwhile, swelled to $18.3 billion, about 2.3 times revenue. Chief Financial Officer Brett Johnson said capital spending over the next two quarters is expected to be at about the same level as in the latest quarter.

Supply-demand concerns after IPO

SpaceX carried out the largest initial public offering in history on June 12. Since late June, the share price has been on a downtrend and is 20% below the offering price of $135. The lockup, which restricts existing shareholders from selling, is also expected to expire for the first time as early as the 6th, heightening concerns about another drop as the restrictions are gradually lifted. Some market participants also say renewed worries over the huge investment plans of AI-related companies could weigh on tech stocks as a whole.

Enjoyed this article? Share it with your network!