Overview
- SpaceX posted $7.8 billion in second-quarter revenue and a $541 million net loss in its first earnings as a public company, and CFO Bret Johnsen said the firm holds about $100 billion in cash and equivalents.
- The company disclosed roughly $18.4 billion in Q2 capital expenditures, with about $15.8 billion spent on AI infrastructure, a surge that shifted investor focus from revenue growth to cash intensity.
- On Thursday, up to 911.5 million insider shares became eligible to trade under the IPO’s staggered lockup, more than doubling the tradable float and starting a series of tranche dates that run through December 2026 with Musk’s holdings locked until mid-2027.
- Markets reacted with heavy volatility: the stock is trading well below its mid‑June highs and IPO price, short interest sits near 35% of the available float, and analysts warn the larger supply could drive further price swings.
- The unlock gives employees and early investors a first chance to realize gains, could increase SpaceX’s index weight if demand holds, and leaves investors watching upcoming tranche dates and operational milestones for signs the company can convert its AI and Starlink investments into steady returns.