SpaceX reports $7.81 billion Q2 2026 revenue but faces selling pressure due to $15.8 billion AI capex and lockup expiration.
SpaceX shares fell 12% to $110 in early trading Wednesday after the company’s first public earnings report revealed AI capital expenditures doubled to $15.8 billion in Q2 2026. The spending surge eclipsed a 92% year-over-year revenue increase to $7.81 billion, which exceeded consensus estimates of $6.82 billion.
Revenue growth was driven by a 247% jump in AI revenue, a 67% rise in Starlink sales, and a 29% increase in launch revenue. Adjusted EBITDA reached $3.54 billion. Despite the strong financial performance, investors focused on the capex spike and a looming lockup expiration, which could increase tradable shares by over 140%.
Other space stocks, including RKLB, saw minimal declines, indicating the selloff is company-specific. Prediction markets reflected pessimism, with a 77.5% probability of further declines for SpaceX on August 5.