SpaceX reported Q2 revenue of $7.8 billion but posted a $541 million net loss, sparking a 20% drop from its IPO price.
Space Exploration Technologies (NASDAQ: SPCX) disclosed its second-quarter financials, revealing a 92% year-over-year revenue surge to $7.8 billion. However, the company narrowed its net loss to $541 million from $1 billion in the prior-year period, falling short of investor expectations and triggering a sharp sell-off in its stock.
Shares of SpaceX have declined 20% from their IPO price and 52% from their all-time high. The company’s heavy capital expenditures, particularly $15.8 billion in AI-related spending, raised concerns about near-term profitability. Management indicated plans to continue aggressive investment in AI, a move that has pressured valuations of other high-spending firms.
The market reaction was swift, with SpaceX stock extending losses following the earnings release. Analysts noted the disconnect between revenue growth and persistent losses, despite cost-cutting efforts.