Investors punished SpaceX for surging capex, overshadowing record revenue and AI growth in the quarter.
SpaceX reported Q2 revenue of $7.8 billion, up 92% year-over-year and nearly $1 billion above estimates. AI cloud services revenue surged 213% sequentially to $2.6 billion, driven by enterprise demand.
The rally stalled as capex hit $18.4 billion, nearly double Q1 levels, with management signaling elevated spending for two more quarters. A looming lockup expiration will release 911.5M shares tomorrow, more than doubling the free float and adding pressure to a stock already down 50% this year.
Markets increasingly penalize high capex even amid strong revenue growth, reflecting tighter investor scrutiny on profitability over expansion.