STARBASE, TEXAS / RankWire.AI / – SpaceX experienced a 13.6% decline in its shares on August 5, closing at $108.27. The decline came after the company’s inaugural quarterly report since its June initial public offering, with investors balancing impressive revenue growth against the $18.37 billion spent on capital investments during the period. Notably, artificial intelligence infrastructure expenses jumped to $15.83 billion from just $749 million a year earlier.
During the trading session, the stock dipped to $107.18 and ended nearly 20% below its $135 IPO price. SpaceX issued 638.9 million Class A shares in the offering, including the full underwriters’ option, which brought in approximately $85.68 billion in net proceeds. Trading commenced on Nasdaq on June 12, with shares reaching an all-time high of $201.80 later on.
In the second quarter, SpaceX reported revenue of $7.81 billion, marking a 92% increase from $4.07 billion a year earlier. The company’s net loss was reduced to $541 million from about $1.01 billion, and its operating loss shrank to $143 million from $970 million during the same period. Adjusted EBITDA totaled $3.54 billion.
AI expenses see rapid growth
The AI division generated $2.56 billion in quarterly revenue, up 247.5% from $737 million, driven largely by new AI services and infrastructure, which contributed $1.88 billion of the increase. Meanwhile, advertising revenue declined by $59 million for the quarter. The division posted a $1.26 billion operating loss as R&D expenses increased 94.1% to $2.18 billion.
Starlink and other connectivity services remained SpaceX’s top revenue sources, with sales rising 65.8% to $4.29 billion and operating income increasing 79.4% to $1.66 billion. Subscriber growth in the consumer segment reached 101.2%, although average revenue per user declined by 22.4%. Revenue from government, aviation, maritime, and enterprise sectors added another $939 million.
Share unlock process begins post-IPO
Starting August 6, up to 911.5 million employee and early investor shares become eligible for sale. This amount represents approximately 6.9% of SpaceX’s 13.18 billion outstanding Class A and Class B shares, exceeding the number sold during the IPO by about 272.6 million. The company’s prospectus filed with the Securities and Exchange Commission details the staggered schedule for these releases.
At the closing price on August 5, the first unlocked block was valued near $98.7 billion. As of July 28, SpaceX reported having 7.70 billion Class A shares and 5.49 billion Class B shares outstanding. As of the end of June, the company held $93.52 billion in cash and $6.49 billion in marketable securities. August 6 marks the first day eligible shareholders can sell shares from the initial restricted group.