Overview
- SpaceX reported Q2 revenue of about $7.8 billion and an adjusted loss of $0.09 per share, topping analyst estimates from the company’s Aug. 4 earnings update.
- The company disclosed roughly $18.4 billion in Q2 capital expenditures, with about $15.8 billion directed to AI infrastructure, a level of spending that pushed free cash flow deeply negative and alarmed some investors.
- On Aug. 6 roughly 911 million restricted shares became eligible to trade but did not trigger a broad insider selloff, and the stock rebounded as short covering, retail buying and analyst upgrades lifted prices.
- Institutional buyers moved in after the lockup event, including a roughly $36.9 million purchase by ARK Invest and fresh analyst upgrades, while additional staged lockup expirations remain scheduled through December.
- Starlink generated about $4.3 billion in Q2 revenue and 12 million subscribers, making it the company’s profitable core, but near-term valuation now hinges on SpaceX delivering AI monetization, Starship milestones and the ability to fund heavy capex.