STARBASE, TEXAS / RankWire.AI / – SpaceX shares declined by 13.6% on Wednesday, August 5, closing at $108.27, their lowest level since the company’s public debut in June. The decline followed the release of the company’s inaugural quarterly report as a publicly listed entity, which revealed $18.37 billion in capital expenditures for that quarter. Of this total, $15.83 billion was allocated to artificial intelligence infrastructure. During the same period last year, SpaceX invested $749 million in AI assets.
The stock touched an intraday low of $107.18 and finished nearly 20% below its $135 IPO price. Trading for SpaceX began on Nasdaq on June 12, with the company issuing 638.9 million Class A shares through the offering, including the full allotment for underwriters. This transaction generated approximately $85.68 billion in net proceeds. The stock later rose to a post-IPO peak of $201.80 before the recent downturn.
Revenue for the quarter jumped 92%, reaching $7.81 billion from $4.07 billion a year earlier. SpaceX reduced its net loss to $541 million from around $1.01 billion, while operating losses decreased from $970 million to $143 million. Adjusted EBITDA amounted to $3.54 billion. Elon Musk, the company’s CEO, participated in the first earnings call following the IPO alongside other executives.
AI Infrastructure Spending Drives Capital Expansion
The AI segment brought in $2.56 billion in revenue, marking a 247.5% increase from $737 million. The rise was primarily driven by new AI services and infrastructure, which contributed $1.88 billion of that growth. Despite this, the segment posted an operating loss of $1.26 billion, compared with $1.52 billion a year earlier. R&D expenses for AI surged 94.1% to $2.18 billion, while advertising revenue decreased by $59 million during the quarter.
Starlink and associated connectivity offerings generated $4.29 billion in revenue, reflecting a 65.8% increase. Income from connectivity operations rose 79.4% to $1.66 billion. The subscriber base grew by 101.2%, although average revenue per user declined by 22.4%. Revenue from government, aviation, maritime, and enterprise activities added $939 million. The space division recorded sales of $962 million but incurred an operating loss of $542 million.
Unlocked Share Restrictions Post-IPO
On Thursday, August 6, up to 911.5 million shares held by employees and early investors will become eligible for sale. This represents roughly 6.9% of SpaceX’s 13.18 billion outstanding Class A and Class B shares. It surpasses the IPO share count by approximately 272.6 million. The company detailed the phased release schedule in its SEC filing. While holders are permitted to sell, they are not obligated to do so.
At Wednesday’s closing price, the initial unlocked block had a notional value of about $98.7 billion. As of July 28, SpaceX listed 7.70 billion Class A shares and 5.49 billion Class B shares outstanding. By 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 first scheduled unlock for restricted shareholders, with further lock-up expirations outlined in the company’s post-IPO timetable.