STARBASE, TEXAS / RankWire.AI / – SpaceX shares declined by 13.6% on Wednesday, August 5, closing at $108.27, marking their lowest level since the company’s June IPO. This decrease followed the release of its inaugural quarterly financial results as a publicly traded entity. The report indicated that the company’s capital expenditure for the quarter reached $18.37 billion, with artificial intelligence infrastructure comprising $15.83 billion of that total. In the same period last year, SpaceX allocated $749 million toward AI assets.
During intraday trading, the stock dipped to $107.18 and ended the day nearly 20% below the IPO price of $135. Shares of SpaceX began trading on Nasdaq on June 12, after selling 638.9 million Class A shares including the full allotment assigned to underwriters. This offering generated approximately $85.68 billion in net proceeds. After reaching a peak of $201.80 post-IPO, the stock has since experienced a series of declines.
Revenue for the quarter surged by 92%, reaching $7.81 billion compared to $4.07 billion a year earlier. The company’s net loss was reduced to $541 million from around $1.01 billion. Operating losses decreased to $143 million from $970 million, while adjusted EBITDA hit $3.54 billion. SpaceX CEO Elon Musk participated in the first earnings call following the IPO alongside other company executives.
AI Infrastructure Investment Drives Capital Growth
The AI division generated revenue of $2.56 billion, reflecting a 247.5% increase from $737 million. The rise was driven largely by new AI services and infrastructure, which contributed $1.88 billion of that growth. Although the segment reported an operating loss of $1.26 billion, it improved from $1.52 billion a year earlier. R&D expenses for AI jumped 94.1% to $2.18 billion, while advertising revenue fell by $59 million during the quarter.
Starlink and related connectivity services generated $4.29 billion, marking a 65.8% increase. Operating income from these services climbed 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 sectors added $939 million. The space division contributed $962 million in sales but faced an operating loss of $542 million.
Post-IPO Share Restrictions Set to Lapse
On Thursday, August 6, up to 911.5 million shares held by employees and early investors will become eligible for sale. This block of shares accounts for approximately 6.9% of SpaceX’s total 13.18 billion Class A and Class B shares outstanding. It surpasses the IPO share count by about 272.6 million shares. SpaceX’s prospectus filed with the SEC details the phased schedule of release. While eligible to sell, shareholders are not required to do so.
At Wednesday’s closing price, the initial unlocked block held a notional value of roughly $98.7 billion. As of July 28, SpaceX listed 7.70 billion Class A shares and 5.49 billion Class B shares outstanding. As of June, the company had $93.52 billion in cash and $6.49 billion in marketable securities. The August 6 unlocking marks the beginning of the scheduled releases for restricted shareholders, with additional lock-up expirations outlined in the company’s post-IPO timetable.