Shares of SpaceX shifted sharply lower this week despite a blowout debut earnings report, as Wall Street weighed dazzling top-line growth against a cash-burning AI spending spree and the largest insider stock unlock since the company's record IPO. For holders of SPCX34.SA, the Brazilian depositary receipt tracking SpaceX, the stock sits at $36.65, down 3% on the day and well below its post-IPO highs.
Revenue Crushed Expectations, but Losses Persist
SpaceX grew revenue 92% to $7.8 billion in Q2, blowing past the $6.9 billion Wall Street consensus . The net loss narrowed to $541 million, or 9 cents a share — far better than the 26-cent loss analysts expected . Strong numbers, yet shares fell more than 7% after hours Tuesday . The message: investors wanted proof of sustainable profits, not just growth.
Starlink Prints Money, but Each Customer Pays Less
Starlink's connectivity segment was the only division to generate an operating profit — $1.66 billion — with subscribers reaching 12 million, double a year ago . However, average revenue per user fell from $85 to $66 monthly as SpaceX pushed into cheaper international markets . Margin expansion is currently outpacing the pricing decline, meaning Starlink is growing more profitably even as it charges less — but that balancing act gets harder as the subscriber base shifts to lower-income regions.
AI Spending Is Swallowing the Balance Sheet
Capital expenditures jumped more than sixfold to $18.4 billion in the quarter, with $15.8 billion directed at AI infrastructure . That total exceeded the $13.2 billion analyst estimate . SpaceX is essentially using Starlink's profits and IPO cash to bankroll a massive AI data-center build. Investors are asking whether that bet will pay off before the money runs out.
A Flood of Insider Shares Hits the Market
On August 6, up to 911.5 million shares worth roughly $100 billion became eligible for sale — the first unlock since the June IPO . That brings tradable shares to 1.55 billion, up from the initial 639 million . Another 319 million shares can unlock August 12, with more tranches in September and October; by year-end, over 4 billion shares will be available . More supply with uncertain demand is a recipe for continued price pressure — and the core reason SPCX34.SA remains under strain despite fundamentals that, on paper, keep improving.