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SpaceX shares fall after Q2 AI spending more than doubles
SpaceX reported Q2 revenue of $7.8 billion, while AI capex jumped to $15.8 billion versus $7.7 billion in Q1, and the stock also faces potential share supply from a lockup expiring Aug. 6.
SpaceX stock fell after the company reported second quarter results that topped estimates, its first earnings as a public company, while investors focused on rising capital spending tied to its AI push. According to Yahoo Finance, SpaceX’s AI segment posted an operating loss of $1.26 billion versus estimates of $2.39 billion, but AI spending surged to $15.8 billion in the quarter, up from $7.7 billion in Q1.
Overall, SpaceX reported Q2 revenue of $7.8 billion, up from $4.7 billion in Q1, and adjusted EBITDA of $3.5 billion versus $2.0 billion expected. Capital expenditures in the quarter were $18.37 billion, slightly below estimates for $18.58 billion, but analysts raised concerns about the scale of future investment and potential pressure on free cash flow.
JPMorgan said SpaceX now projects capex of nearly $200 billion in both 2027 and 2028, warning that it could further pressure free cash flow in 2027. The company also partnered with Nvidia to design its Starmind AI-1 payload, using Nvidia’s Rubin GPUs and Vera CPUs, with SpaceX saying the effort would increase peak satellite computing capacity to 250 kW.
Yahoo Finance also noted that SpaceX’s Aug. 6 lockup expiration could free up to 20% of shares for sale, a potential source of added supply that some investors believe could keep the stock under pressure. Separately, SpaceX’s CEO Elon Musk said the Nvidia would be the exclusive supplier of chips for SpaceX’s AI chip needs.