STARBASE, TEXAS / RankWire.AI / – SpaceX experienced a 13.6% drop in its share price on Wednesday, August 5, closing at $108.27, marking their lowest finish since the company’s initial public offering in June. The downturn followed the release of the company’s first quarterly financial results as a publicly traded entity. The report revealed a total capital expenditure of $18.37 billion for the quarter, with artificial intelligence infrastructure making up $15.83 billion of that amount. During the same period last year, SpaceX allocated $749 million to AI assets.
During the trading session, the stock hit an intraday low of $107.18 and ended nearly 20% below its $135 IPO price. Trading for SpaceX shares commenced on Nasdaq on June 12. The company issued 638.9 million Class A shares in the offering, including the full allotment allocated by underwriters, raising approximately $85.68 billion in net proceeds. The stock later reached a post-IPO high of $201.80 before experiencing the recent declines.
Revenue for the quarter soared by 92%, reaching $7.81 billion compared to $4.07 billion the previous year. The company reduced its net loss to $541 million from about $1.01 billion. Operating losses decreased from $970 million to $143 million. Adjusted EBITDA hit $3.54 billion. CEO Elon Musk participated in the first earnings call since the IPO alongside other top executives.
AI infrastructure investment drives capital increase
The artificial intelligence segment generated $2.56 billion in revenue, representing a 247.5% increase from $737 million. The rise was driven by new AI services and infrastructure, contributing $1.88 billion of the growth. Despite the revenue increase, the segment posted an operating loss of $1.26 billion, down from $1.52 billion a year earlier. R&D expenses for AI surged 94.1%, reaching $2.18 billion. Advertising revenue, however, declined by $59 million during the quarter.
Starlink and associated connectivity services brought in $4.29 billion, a 65.8% rise. Operating profit from connectivity increased by 79.4% to $1.66 billion. The company reported a 101.2% growth in consumer subscribers, though average revenue per user decreased by 22.4%. Revenue from government, aviation, maritime, and enterprise sectors grew by $939 million. The space division posted sales of $962 million but incurred an operating loss of $542 million.
Initial post-IPO share lock-up periods conclude
Starting Thursday, August 6, up to 911.5 million shares held by employees and early investors will become tradable. This block accounts for roughly 6.9% of SpaceX’s 13.18 billion Class A and Class B shares outstanding. It exceeds the number of shares sold in the IPO by approximately 272.6 million. The company outlined the staggered release schedule in its SEC filing. While shareholders are permitted to sell their shares, there is no obligation to do so.
The first unlocked segment was valued at about $98.7 billion based on Wednesday’s closing price. As of July 28, SpaceX reported having 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 unlock marks the beginning of scheduled releases for restricted shareholders. Additional lock-up expirations are listed under the company’s post-IPO timetable.