STARBASE, TEXAS / RankWire.AI / – SpaceX experienced a 13.6% drop in its stock value on August 5, closing at $108.27. This decline occurred after the company published its inaugural quarterly report since going public in June. Investors evaluated the impressive revenue growth against a capital expenditure of $18.37 billion for the quarter. Notably, spending on artificial intelligence infrastructure reached $15.83 billion, a significant increase from $749 million in the same period the previous year.
During trading, the stock dipped as low as $107.18 and finished nearly 20% below its initial public offering price of $135. SpaceX issued 638.9 million Class A shares through the offering, including the full underwriters’ option, generating approximately $85.68 billion in net proceeds. The shares began trading on Nasdaq on June 12 and later peaked at $201.80.
In its latest financial report, SpaceX reported second-quarter revenue of $7.81 billion, representing a 92% increase compared to $4.07 billion from the previous year. The company’s net loss was reduced to $541 million from around $1.01 billion. Operating losses also decreased from $970 million to $143 million in the same period, while adjusted EBITDA reached $3.54 billion.
Growth in AI-related expenses accelerates
The artificial intelligence division generated $2.56 billion in revenue for the quarter, marking a 247.5% rise from $737 million. The increase was primarily driven by new AI services and infrastructure, which accounted for $1.88 billion of the growth. Revenue from advertising dropped by $59 million within the quarter. Despite this, the division posted an operating loss of $1.26 billion, with research and development costs climbing 94.1% to $2.18 billion.
Starlink along with other connectivity services continued to be SpaceX’s primary revenue generators. Sales from connectivity increased by 65.8% to $4.29 billion, with operating income rising 79.4% to $1.66 billion. Subscriber numbers grew by 101.2%, though the average revenue per user declined by 22.4%. Revenue contributions from government, aviation, maritime, and enterprise sectors added another $939 million in growth.
Initial stages of post-IPO share release underway
Starting August 6, up to 911.5 million shares held by employees and early investors become available for sale. This amount constitutes roughly 6.9% of SpaceX’s 13.18 billion outstanding Class A and Class B shares. It surpasses the number sold during the IPO by approximately 272.6 million. The company detailed its planned release schedule in a prospectus filed with the Securities and Exchange Commission.
Based on the August 5 closing price, the first unlocked block of shares was valued at nearly $98.7 billion. As of July 28, SpaceX reported holding 7.70 billion Class A shares and 5.49 billion Class B shares. At the end of June, the company had $93.52 billion in cash and $6.49 billion in marketable securities. The trading session on August 6 marks the first opportunity for eligible holders to sell shares from the initial restricted group.