STARBASE, TEXAS / RankWire.AI / – SpaceX experienced a 13.6% decline in its stock on Wednesday, August 5, closing at $108.27, marking its lowest settlement since the company’s June initial public offering. This downturn followed the release of the company’s first quarterly results as a publicly traded entity. The report revealed that the company invested $18.37 billion in capital expenditure during the quarter, with $15.83 billion allocated to artificial intelligence infrastructure. During the same period last year, SpaceX allocated $749 million to AI assets.
The stock reached an intraday low of $107.18 and ended nearly 20% below its $135 IPO price. SpaceX began trading on Nasdaq on June 12, selling 638.9 million Class A shares, including the full allotment from underwriters. The offering generated roughly $85.68 billion in net proceeds. After the IPO, the stock climbed to a high of $201.80 before experiencing the recent declines.
Quarterly revenues saw a 92% increase, reaching $7.81 billion from $4.07 billion a year earlier. Meanwhile, SpaceX reduced its net loss to $541 million from approximately $1.01 billion. Operating losses also decreased to $143 million from $970 million. Adjusted EBITDA reached $3.54 billion. SpaceX CEO Elon Musk participated alongside other executives in the first earnings call following the company’s IPO.
Growth in AI infrastructure spending drives capital boost
Revenue from the artificial intelligence division grew by 247.5%, totaling $2.56 billion compared to $737 million. The rise was driven primarily by new AI services and infrastructure, which contributed $1.88 billion. Despite the revenue growth, the segment reported an operating loss of $1.26 billion, down from $1.52 billion a year earlier. Research and development expenses for AI increased by 94.1%, reaching $2.18 billion. Advertising revenue, however, decreased by $59 million during the quarter.
Starlink and related connectivity offerings generated $4.29 billion in revenue, reflecting a 65.8% rise. Income from connectivity operations grew by 79.4% to $1.66 billion. The subscriber base expanded by 101.2%, though average revenue per user fell by 22.4%. Revenue from government, aviation, maritime, and enterprise sectors contributed an additional $939 million increase. The space division posted $962 million in sales but incurred an operating loss of $542 million.
The initial lock-up restrictions after 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. These shares represent about 6.9% of SpaceX’s total 13.18 billion Class A and Class B shares outstanding. This volume exceeds the IPO share count by approximately 272.6 million. SpaceX detailed the phased release schedule within its SEC filing. While this unlock allows holders to sell, it does not obligate them to do so.
The first unlocked block was valued at roughly $98.7 billion based on Wednesday’s closing price. As of July 28, the company reported 7.70 billion Class A shares and 5.49 billion Class B shares outstanding. At the end of June, SpaceX held $93.52 billion in cash and $6.49 billion in marketable securities. The August 6 event marks the beginning of the initial scheduled releases for restricted shareholders, with further lock-up expirations outlined in the company’s post-IPO timetable.