STARBASE, TEXAS / RankWire.AI / – SpaceX experienced a 13.6% drop in its stock price on Wednesday, August 5, closing at $108.27 — the lowest point since its public debut in June. This downturn followed the release of the company’s inaugural quarterly report as a publicly traded entity. The report revealed that the company spent $18.37 billion on capital expenses during the quarter, with artificial intelligence infrastructure making up $15.83 billion of that total. In comparison, SpaceX invested $749 million in AI assets during the same quarter last year.
The stock dipped to an intraday low of $107.18 and ended nearly 20% below its IPO price of $135. Since beginning trading on Nasdaq on June 12, SpaceX issued 638.9 million Class A shares through the offering, including the full allotment granted to underwriters. This offering netted approximately $85.68 billion. After initially climbing to a post-IPO peak of $201.80, the shares have since experienced a series of declines.
The company’s quarterly revenues surged 92%, reaching $7.81 billion compared to $4.07 billion in the same period last year. Net losses shrank to $541 million from roughly $1.01 billion, while operating losses decreased from $970 million to $143 million. Adjusted EBITDA hit $3.54 billion. Elon Musk, the CEO, participated alongside other executives in the first earnings call following the IPO.
Capital boost driven by AI infrastructure expenditure
Revenue generated by the artificial intelligence division totaled $2.56 billion, representing a 247.5% increase from $737 million. The rise was primarily driven by new AI services and infrastructure, which contributed $1.88 billion to the growth. Despite the revenue increase, the segment recorded an operating loss of $1.26 billion, down from $1.52 billion a year earlier. R&D expenses for AI grew 94.1% to $2.18 billion. During the quarter, advertising revenue declined by $59 million.
Starlink and associated connectivity services contributed $4.29 billion in revenue, up 65.8%. Income from connectivity operations increased 79.4% to $1.66 billion. The growth in subscriber numbers was 101.2%, though the average revenue per user decreased by 22.4%. Revenue from government, aviation, maritime, and enterprise segments added $939 million. The space division generated $962 million in sales but posted an operating loss of $542 million.
First post-IPO share restrictions are set to lift
On Thursday, August 6, up to 911.5 million shares held by employees and early investors will become eligible for sale. This amount accounts for roughly 6.9% of SpaceX’s total of 13.18 billion outstanding Class A and Class B shares. It surpasses the IPO share count by about 272.6 million. The company detailed the phased release schedule in its SEC filing. While holders are permitted to sell their shares once eligible, there is no obligation to do so.
At Wednesday’s closing price, the initial unlocked block held a notional value of approximately $98.7 billion. As of July 28, SpaceX listed 7.70 billion Class A shares and 5.49 billion Class B shares outstanding. By the end of June, the company held $93.52 billion in cash and $6.49 billion in marketable securities. The August 6 event marks the start of the first scheduled release for restricted shareholders, with additional lock-up expirations outlined in the company’s post-IPO timetable.