STARBASE, TEXAS / RankWire.AI / – SpaceX experienced a 13.6% decline in its stock on August 5, closing at $108.27. The decline was driven by the company’s inaugural quarterly report following its June initial public offering. Investors balanced the robust revenue increase against the $18.37 billion spent on capital expenditures during the quarter. Notably, spending on artificial intelligence infrastructure reached $15.83 billion, compared to $749 million a year prior.
During trading, the stock dipped as low as $107.18 and ultimately finished nearly 20% below its IPO price of $135. SpaceX issued 638.9 million Class A shares in the offering, including the full underwriters’ option, raising approximately $85.68 billion in net proceeds. The shares started trading on Nasdaq on June 12 and later peaked at $201.80.
For the second quarter, SpaceX announced revenues of $7.81 billion, representing a 92% jump from $4.07 billion a year earlier. The company reduced its net loss to $541 million from roughly $1.01 billion. Operating loss also decreased to $143 million from $970 million in the same period. Adjusted EBITDA reached $3.54 billion.
Rising expenses in AI segment
The AI division generated $2.56 billion in revenue for the quarter, marking a 247.5% increase from $737 million. The growth was mainly driven by new AI services and infrastructure, which accounted for $1.88 billion of the rise. Advertising income declined by $59 million during the same period. The division also reported a $1.26 billion operating loss as R&D costs surged 94.1% to $2.18 billion.
Starlink and other connectivity offerings remained SpaceX’s primary revenue sources. Connectivity sales climbed 65.8% to $4.29 billion, with operating income increasing by 79.4% to $1.66 billion. Subscriber growth among consumers reached 101.2%, although average revenue per user dropped 22.4%. Additional revenue growth of $939 million was supported by government, aviation, maritime, and enterprise operations.
Major share unlock after IPO
Beginning August 6, up to 911.5 million employee and early investor shares can be sold. This amount constitutes around 6.9% of SpaceX’s 13.18 billion outstanding Class A and Class B shares. It surpasses the shares sold during the IPO by approximately 272.6 million. The company detailed its phased release plan in the prospectus submitted to the Securities and Exchange Commission.
At the August 5 closing price, the first unlocked tranche represented a notional value close to $98.7 billion. As of July 28, SpaceX reported holding 7.70 billion Class A shares and 5.49 billion Class B shares. By the end of June, the firm had $93.52 billion in cash and $6.49 billion in marketable securities. The session on August 6 marks the first day when eligible shareholders can sell shares from the initial restricted group.