SpaceX lockup release adds $100 B of tradable shares as Q2 earnings surge
SpaceX reported second‑quarter 2026 revenue of $7.81 billion, up 92 % year‑on‑year, and a net loss of $541 million, while adjusted EBITDA rose to $3.5 billion, a 191 % increase. The Connectivity segment, led by Starlink, generated $4.29 billion in revenue and recorded an operating profit of $1.66 billion; Starlink’s subscriber base reached 12 million. The AI segment posted $2.56 billion in revenue, up 247 % YoY, and the company’s capital expenditures jumped to $18.4 billion, of which $15.8 billion was spent on AI infrastructure.
A lock‑up expiration made roughly 911 million previously restricted shares—about 7 % of the company’s outstanding stock and worth more than $100 billion—available for public trading, increasing the float by roughly 140 %. The expanded float sparked a modest stock rise of 1‑5 % in after‑hours and pre‑market trading. Analyst Bernstein lifted its price target to $248 from $239, while some other analysts trimmed targets, reflecting mixed views on the impact of the new supply and the company’s heavy AI spending.
Investors are watching the potential for insider selling, as the first tranche of unlocked shares could pressure the price, but the company’s long‑term growth outlook remains anchored on Starlink’s expanding revenue and the rapidly scaling AI business.
Entities: AI segment · Bernstein · Bitcoin · Bret Johnsen · Elon Musk · Morgan Stanley · NASDAQ · Nasdaq · Nvidia · Oppenheimer · SpaceX · Starlink
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 7 SOURCES] SpaceX posted a net loss of $541 million, EPS ‑$0.09. (SpaceX Q2 earnings release)
- [● 3 SOURCES] SpaceX shares fell more than 13 % after earnings, closing at $108.27. (Market reaction)
- [○ 1 SOURCE] Up to 20 % of restricted SpaceX shares could be sold after lock‑up expiry on the second trading day post‑earnings. (Company lock‑up terms)
- [● 7 SOURCES] Approximately $15.8 billion of SpaceX capex was allocated to AI infrastructure. (SpaceX Q2 earnings release)
- [● 7 SOURCES] SpaceX capital expenditures rose to $18.4 billion, six times the previous quarter. (SpaceX Q2 earnings release)
- [● 6 SOURCES] SpaceX reported Q2 revenue of $7.81 billion, up 92 % year‑on‑year. (SpaceX Q2 earnings release)
- [● 3 SOURCES] Elon Musk said SpaceX aims for $1 trillion in annual revenue by 2030, with a non‑zero chance of reaching it as early as 2029. (Earnings call)
- [● 5 SOURCES] SpaceX's adjusted EBITDA rose to $3.54 billion, up 191 % year‑on‑year. (clm_f787b513-7426-4050-adbf-5467871e0888)
- [● 2 SOURCES] Some analysts forecast SpaceX's share price could reach $300 by mid‑next year. (Analyst commentary)
- [○ 1 SOURCE] SpaceX held 18,712 Bitcoin and recorded an unrealized loss of $540 million due to a 33 % price decline. (new)
- [● 4 SOURCES] About 911 million SpaceX shares, roughly 7 % of the float, became tradable on the first lock‑up expiry. (Lock‑up filing)
- [● 5 SOURCES] SpaceX Q2 revenue was $7.81 billion, up 92 % year‑on‑year. (clm_37c7a8a1-3a4f-478a-9be3-2010af773330)