STARBASE, TEXAS / RankWire.AI / – SpaceX shares dropped 13.6% on Wednesday, August 5, closing at $108.27, marking their lowest closing level since the company’s public debut in June. This downturn followed the release of the company’s inaugural quarterly report as a publicly traded entity, which revealed a capital expenditure of $18.37 billion for the quarter, with $15.83 billion allocated to artificial intelligence infrastructure. During the same period last year, SpaceX invested $749 million in AI assets.
The stock touched an intraday low of $107.18 and ended nearly 20% below the IPO price of $135. Since trading commenced on Nasdaq on June 12, SpaceX sold 638.9 million Class A shares through the offering, including the full allotment allocated to underwriters, raising approximately $85.68 billion in net proceeds. After initially surging to a post-IPO high of $201.80, the share price has subsequently declined amid recent market activity.
Revenue for the quarter surged 92%, reaching $7.81 billion compared to $4.07 billion in the same period last year. The company’s net loss was reduced to $541 million from around $1.01 billion, while operating losses decreased from $970 million to $143 million. Adjusted EBITDA hit $3.54 billion. CEO Elon Musk participated in the first earnings call following the IPO alongside other leadership.
Capital boost driven by AI infrastructure investments
Revenues from the artificial intelligence sector amounted to $2.56 billion, reflecting a 247.5% increase from $737 million. The growth was primarily driven by new AI services and infrastructure, which contributed $1.88 billion to the rise. Despite the revenue increase, the AI segment reported an operating loss of $1.26 billion, compared to a loss of $1.52 billion a year earlier. R&D expenses for AI climbed 94.1%, totaling $2.18 billion, while advertising revenue saw a decline of $59 million during the quarter.
Starlink and related connectivity services generated $4.29 billion, an increase of 65.8%, with operating income from these services rising 79.4% to $1.66 billion. Consumer subscriber numbers grew by 101.2%, although average revenue per user decreased by 22.4%. Additionally, revenues from government, aviation, maritime, and enterprise segments increased by $939 million. The space division reported sales of $962 million but incurred an operating loss of $542 million.
Restrictions on shares post-IPO are set to expire
On Thursday, August 6, up to 911.5 million shares held by employees and early investors will become eligible for sale. This block of shares constitutes approximately 6.9% of SpaceX’s total 13.18 billion Class A and Class B shares outstanding. The total exceeds the IPO share count by roughly 272.6 million. The company outlined the staggered release schedule in its SEC filing, which grants shareholders the option to sell but does not mandate any transactions at this time.
At Wednesday’s closing price, the initial unlocked block had a notional value of about $98.7 billion. As of July 28, SpaceX reported having 7.70 billion Class A shares and 5.49 billion Class B shares outstanding. The company’s June financials show $93.52 billion in cash and $6.49 billion in marketable securities. The upcoming August 6 event marks the beginning of the first scheduled release for restricted shareholders, with additional lock-up expirations listed in the company’s post-IPO timetable.