STARBASE, TEXAS / RankWire.AI / – SpaceX experienced a 13.6% drop in stock value on Wednesday, August 5, closing at $108.27 — their lowest point since the company’s June public debut. This decrease followed the release of the firm’s initial quarterly report as a publicly listed entity, which revealed $18.37 billion spent on capital for the quarter. Artificial intelligence infrastructure accounted for $15.83 billion of that total, with the company investing $749 million in AI assets during the same quarter last year.
The stock dipped to an intraday low of $107.18 and finished nearly 20% below its $135 IPO price. SpaceX began trading on Nasdaq on June 12, offering 638.9 million Class A shares, including the full allotment for underwriters. The offering generated approximately $85.68 billion in net proceeds. Following this, the stock surged to a post-IPO high of $201.80 before experiencing the recent decline.
The company reported quarterly revenue of $7.81 billion, up 92% from $4.07 billion a year earlier. Its net loss was reduced to $541 million from about $1.01 billion, and operating loss decreased to $143 million from $970 million. Adjusted EBITDA reached $3.54 billion. Elon Musk, the CEO, participated in the company’s first earnings call since the IPO alongside other leadership.
Capital increase driven by AI infrastructure expenditure
The artificial intelligence sector generated $2.56 billion in revenue, marking a 247.5% increase from $737 million. The growth was fueled primarily by new AI services and infrastructure, contributing $1.88 billion of the total. Despite the revenue increase, the AI segment recorded an operating loss of $1.26 billion, compared to $1.52 billion the previous year. R&D costs for AI rose sharply by 94.1% to $2.18 billion. During the quarter, advertising revenue fell by $59 million.
Starlink and related connectivity services brought in $4.29 billion, up 65.8%. Income from operations in connectivity rose 79.4% to $1.66 billion. Subscriber growth among consumers reached 101.2%, while the average revenue per user dropped by 22.4%. Additional revenue growth of $939 million came from government, aviation, maritime, and enterprise sectors. The space division generated $962 million in sales but incurred an operating loss of $542 million.
Restrictions on shares lifted after IPO
Beginning Thursday, August 6, up to 911.5 million shares held by employees and early investors will become eligible for sale. These shares represent around 6.9% of SpaceX’s 13.18 billion outstanding Class A and Class B shares, exceeding the IPO share count by approximately 272.6 million. The company’s prospectus filed with the Securities and Exchange Commission details the staggered schedule for release, which allows holders the option to sell but does not mandate any transactions.
The initial block available for sale had a notional value of about $98.7 billion at 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 along with $6.49 billion in marketable securities. The August 6 release marks the start of the scheduled unlock for restricted shareholders, with more lock-up periods remaining as per the company’s post-IPO timetable.
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