Overview
- The stock retraced toward its $135 IPO price after roughly 319 million shares became tradable on Aug. 20 and the company closed an all‑stock acquisition of Cursor that issued about 389 million new Class A shares.
- Staged lockup expiries have materially increased tradable supply with about 911.5 million shares released on Aug. 6, the Aug. 20 tranche, and roughly 1.3 billion shares expected around third‑quarter earnings.
- SpaceX reported strong second‑quarter revenue of about $7.81 billion, driven by Starlink’s growth to roughly 12 million subscribers and rising cloud/AI deals, but the quarter also showed a large loss and heavy spending.
- Q2 capital expenditures totaled roughly $18.4 billion with about $15.8 billion spent on AI compute, a pace that produced sharply negative free cash flow and deepened investor concerns about dilution and funding needs.
- Market reaction is split: some institutions increased stakes while DZ Bank initiated a Sell citing valuation and spending risks, and near‑term catalysts investors will watch include more lockup releases and Starship execution updates.