Investors react sharply as SpaceX projects $65 billion in capital expenditures for 2026, exceeding Wall Street estimates.
SpaceX (SPCX) shares fell 11% to $111 in early trading Tuesday after the company outlined plans for $65 billion in capital expenditures in 2026. The projected spending, revealed during an earnings call, far exceeds analyst expectations of $50 billion for this year.
Second-quarter capex reached $18.4 billion, more than triple the $6 billion analysts had forecast. Executives indicated similar spending levels for the third and fourth quarters, implying a full-year total near $65 billion. The lack of formal financial guidance further weighed on investor sentiment.
SpaceX also updated long-term revenue targets, projecting a $100 billion run rate by the end of 2026 and $1 trillion in revenue by 2030, a year earlier than previously expected.