STARBASE, TEXAS / RankWire.AI / – SpaceX experienced a 13.6% drop in its stock on Wednesday, August 5, closing at $108.27. This marked the lowest closing price since its public debut in June. The decrease followed the company’s release of its initial quarterly results as a publicly traded entity. The report revealed that the company spent $18.37 billion on capital expenses during that quarter. Notably, artificial intelligence infrastructure accounted for $15.83 billion of this total. During the same period last year, SpaceX invested $749 million in AI assets.
The stock reached an intraday low of $107.18 and ended the day nearly 20% below its $135 IPO price. SpaceX shares began trading on Nasdaq on June 12. The company issued 638.9 million Class A shares through the offering, including the full allotment granted to underwriters. This transaction raised approximately $85.68 billion in net proceeds. After the IPO, the stock climbed to a high of $201.80 before experiencing the recent declines.
Revenue for the quarter surged by 92% to $7.81 billion from $4.07 billion a year earlier. SpaceX reduced its net loss to $541 million, down from about $1.01 billion. Operating losses also improved, decreasing to $143 million from $970 million. The company’s adjusted earnings before interest, taxes, depreciation, and amortization hit $3.54 billion. CEO Elon Musk participated in the first earnings call after the IPO alongside other company leaders.
AI infrastructure investments drive a major capital raise
The artificial intelligence segment generated $2.56 billion in revenue, representing a 247.5% increase from $737 million. The growth was largely driven by new AI services and infrastructure, contributing $1.88 billion of the total increase. Despite the revenue growth, the segment recorded an operating loss of $1.26 billion, compared with $1.52 billion a year earlier. Research and development costs for AI rose sharply, up 94.1% to $2.18 billion. Meanwhile, advertising revenue fell by $59 million during the quarter.
Starlink and related connectivity services brought in $4.29 billion, an increase of 65.8%. Income from connectivity operations rose by 79.4% to $1.66 billion. Subscriber numbers grew by 101.2%, although the average revenue per user decreased by 22.4%. Revenues from government, aviation, maritime, and enterprise sectors contributed an additional $939 million. SpaceX’s space division reported $962 million in sales but recorded an operating loss of $542 million.
Unrestricted shares from early investors become tradable starting August 6
Up to 911.5 million shares held by employees and early investors will be eligible for sale beginning Thursday, August 6. This block accounts for roughly 6.9% of SpaceX’s total 13.18 billion Class A and Class B shares outstanding. It exceeds the IPO share count by approximately 272.6 million. The company outlined the phased release schedule in its SEC filing. Shareholders are permitted to sell their holdings but are not obligated to do so.
The initial unlocked block was valued at about $98.7 billion based on Wednesday’s closing price. As of July 28, SpaceX listed 7.70 billion Class A shares and 5.49 billion Class B shares outstanding. At the end of June, the company held $93.52 billion in cash and $6.49 billion in marketable securities. The August 6 release marks the beginning of the first scheduled unlock for restricted shareholders. Additional lock-up expirations are detailed in the company’s post-IPO timetable.