SpaceX extends decline to 11% on lockup expiration and capex spending fears
SpaceX shares declined 11% amid concerns over high capital expenditures and the expiration of a share lock-up period. Despite strong revenue growth, the company's heavy investment in Starlink and AI infrastructure, combined with Bitcoin price volatility, has created uncertainty for investors.
Why it matters
The financial performance of SpaceX is a bellwether for the space and AI sectors, illustrating the risks associated with massive capital-intensive growth strategies.
Revenue rose 92% from a year earlier to $7.8 billion, beating Wall Street estimates, while adjusted EBITDA nearly tripled to $3.5 billion. The company narrowed its net loss to $541 million, but spent $18.4 billion during the quarter as it expanded Starlink, Starship and its AI infrastructure.
SpaceX held all 18,712 bitcoin on its balance sheet through the quarter. The position was worth about $1.1 billion at the end of June, bringing into view the accounting risk CoinDesk flagged before the IPO — that bitcoin price swings now flow through the public company’s quarterly earnings under fair-value rules.
The stake lost roughly $195 million in value during the quartet, adding volatility to results.
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