STARBASE, TEXAS / RankWire.AI / – SpaceX experienced a 13.6% drop in shares on Wednesday, August 5, closing at $108.27, marking their lowest finish since the company’s public debut in June. This decline followed the release of its inaugural quarterly report as a publicly traded entity, revealing $18.37 billion in capital expenditure for the quarter, with artificial intelligence infrastructure accounting for $15.83 billion of that total. During the same period last year, SpaceX allocated $749 million to AI assets.
The stock dipped to an intraday low of $107.18 and ended the day nearly 20% below its $135 IPO price. Shares began trading on Nasdaq on June 12, with the company selling 638.9 million Class A shares through the offering, including the full allotment for underwriters. This transaction netted approximately $85.68 billion in proceeds. After initially rising to a post-IPO high of $201.80, the stock has since experienced a series of declines.
Revenue for the quarter grew 92%, reaching $7.81 billion from $4.07 billion a year earlier, while the net loss was reduced to $541 million from about $1.01 billion. Operating loss decreased significantly to $143 million from $970 million, and adjusted EBITDA reached $3.54 billion. Elon Musk, the CEO, participated in the first earnings call following the IPO alongside other company executives.
AI Infrastructure Spending Drives Capital Increase
Revenue from the artificial intelligence segment surged 247.5%, totaling $2.56 billion compared to $737 million previously. The increase was primarily driven by new AI services and infrastructure, which contributed $1.88 billion. The segment reported an operating loss of $1.26 billion, down from $1.52 billion a year prior. R&D costs for AI rose 94.1% to $2.18 billion, although advertising revenue declined by $59 million during the quarter.
Starlink and related connectivity services generated $4.29 billion, up 65.8%, with operating income from connectivity increasing 79.4% to $1.66 billion. Subscriber growth in the consumer segment reached 101.2%, but the average revenue per user decreased 22.4%. Revenues from government, aviation, maritime, and enterprise activities rose by $939 million. The space business reported sales of $962 million but posted an operating loss of $542 million.
Post-IPO Share Lockups Begin to Lift
Starting Thursday, August 6, up to 911.5 million shares held by employees and early investors become eligible for sale. This block constitutes roughly 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 detailed the phased release schedule in its SEC filing. While holders can sell once eligible, there is no obligation to do so.
The initial unlocked block had an approximate value of $98.7 billion at Wednesday’s closing price. As of July 28, SpaceX reported 7.70 billion Class A shares and 5.49 billion Class B shares outstanding. As of 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 start of the first scheduled sale window for restricted shareholders, with additional lock-up periods still listed according to the company’s post-IPO schedule.