Home›Crypto›Market Structure›SpaceX shares slide 11% premarket on lockup and capex…

SpaceX shares slide 11% premarket on lockup and capex fears

SpaceX reported no BTC sales in the quarter, but its Starlink, Starship, and AI expansion drove $18.4 billion in spending and a narrower $541 million net loss alongside a roughly $195 million fair value hit on its bitcoin holdings.

Reported · Written up by our desk · Market Structure

SpaceX shares fell 11% in premarket trading as investors shifted focus from a stronger first-quarter earnings result to the company’s heavy capital spending and a looming insider lockup expiration, according to CoinDesk. The company posted revenue of $7.8 billion, up 92% year over year, and adjusted EBITDA that nearly tripled to $3.5 billion. Despite the operating improvement, SpaceX narrowed its net loss to $541 million and spent $18.4 billion during the quarter to expand Starlink, Starship, and its AI infrastructure. SpaceX also said it kept all 18,712 bitcoin on its balance sheet through the quarter, with CoinDesk noting that bitcoin accounting volatility flows into earnings under fair-value rules. The position was worth about $1.1 billion at the end of June, and it lost roughly $195 million in value over the quarter. JPMorgan raised its outlook, projecting capital expenditures of nearly $200 billion in both 2027 and 2028, which it said would further pressure free cash flow. The outlet also highlighted Thursday’s lockup expiration, when 911.5 million shares could become eligible for sale, potentially increasing the public float by 143%.

Latest closeBitcoin $64,170.04 ▲0.2%

More like this

Sources