SpaceX shares tumble as AI spending and share unlock trigger sell‑off
SpaceX reported second‑quarter 2026 revenue of $7.8 billion, up 92% year‑over‑year, while its net loss narrowed to $541 million. The company disclosed $18.4 billion in capital expenditures, of which $15.8 billion (86%) was spent on AI compute infrastructure.
The earnings release sparked a sharp market reaction. Shares fell more than 12% to around $109‑$115, well below the $135 IPO price. The decline was amplified by the imminent unlocking of roughly 912 million shares, valued at about $109 billion, which will increase the public float by roughly 143%. Retail investors bought the dip, netting $22.7 million in the first hour of trading. Analysts also noted SpaceX’s $1.1 billion Bitcoin holding, which lost about $195 million during the quarter, and JPMorgan’s forecast that the firm could spend nearly $200 billion on capital projects in 2027‑28.
Despite the sell‑off, the company posted adjusted EBITDA of about $3.5 billion and highlighted strong growth in its Starlink and AI cloud contracts. Bernstein Research maintained an “Outperform” rating with a $239 target price, while market participants watch the upcoming share‑lockup and continued AI investment for future cash‑flow implications.
Entities: Bitcoin · Bret Johnsen · Elon Musk · JPMorgan · JPMorgan Chase · SpaceX · Vanda Research
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 7 SOURCES] Capital spending rose to $18.4 billion, with $15.8 billion (≈86%) allocated to AI compute infrastructure. (multiple articles)
- [○ 1 SOURCE] SpaceX held 18,712 Bitcoin valued at about $1.1 billion at quarter end, losing roughly $195 million in value during the quarter. (article)
- [● 2 SOURCES] Approximately 912 million SpaceX shares, worth about $109 billion, became eligible for trading on August 6, expanding the public float by roughly 143%. (multiple articles)
- [● 2 SOURCES] SpaceX's adjusted EBITDA for the quarter was about $3.5 billion. (article)
- [● 8 SOURCES] SpaceX reported second‑quarter 2026 revenue of $7.8 billion, up 92% year‑over‑year. (multiple articles)
- [○ 1 SOURCE] JPMorgan expects SpaceX to spend nearly $200 billion on capital projects in 2027 and 2028. (article)
- [● 7 SOURCES] SpaceX shares fell more than 12% to around $109‑$115 per share, below the $135 IPO price. (multiple articles)
- [● 6 SOURCES] SpaceX net loss for the quarter was $541 million. (multiple articles)