STARBASE, TEXAS / RankWire.AI / – SpaceX experienced a 13.6% decline in its shares on August 5, closing at $108.27. The decline came after the company released its first quarterly report since going public in June. Investors evaluated the impressive revenue growth alongside the $18.37 billion spent on capital during the quarter. Notably, artificial intelligence infrastructure expenditure reached $15.83 billion, a significant increase from $749 million a year earlier.
During trading, the stock dipped to $107.18 before settling, ending nearly 20% below the IPO price of $135. SpaceX issued 638.9 million Class A shares in its offering, including the full underwriters’ option. This raised roughly $85.68 billion in net proceeds. Trading commenced on Nasdaq on June 12, and the shares hit a peak of $201.80 later on.
For the second quarter, SpaceX reported revenues of $7.81 billion, marking a 92% increase from $4.07 billion in the same period last year. The company reduced its net loss to $541 million from approximately $1.01 billion. Operating losses also decreased to $143 million from $970 million in the prior year’s quarter. Adjusted EBITDA reached $3.54 billion.
AI expenditure surges rapidly
The division dedicated to artificial intelligence generated $2.56 billion in revenue for the quarter, a rise of 247.5% from $737 million. The increase was driven largely by new AI services and infrastructure, contributing $1.88 billion of the growth. Meanwhile, advertising revenue declined by $59 million during the period. The AI sector posted a $1.26 billion operating loss as research and development expenses climbed 94.1% to $2.18 billion.
Starlink and additional connectivity services remained SpaceX’s top revenue sources. These sales increased by 65.8% to $4.29 billion, while operating income grew 79.4% to $1.66 billion. Subscriber growth among consumers reached 101.2%, although the average revenue per user fell 22.4%. Revenue from government, aviation, maritime, and enterprise operations contributed an additional $939 million.
Major share issuance begins post-IPO
Starting August 6, up to 911.5 million shares held by employees and early investors may become eligible for sale. This volume represents roughly 6.9% of SpaceX’s 13.18 billion Class A and Class B shares outstanding, exceeding the amount sold during the IPO by about 272.6 million. The company detailed the phased release plan in its SEC filings.
At the August 5 closing price, the initial unlocked block was valued at nearly $98.7 billion. As of July 28, SpaceX reported having 7.70 billion Class A shares and 5.49 billion Class B shares outstanding. As of the end of June, the company held $93.52 billion in cash and $6.49 billion in marketable securities. The August 6 session will be the first opportunity for eligible holders to sell shares from the initial restricted group.