SpaceX shares fall as heavy capital spending weighs on investors

SpaceX shares dropped about 12% in premarket trading after the company released its second quarterly earnings report, its first as a publicly traded company, with investors reacting to heavy spending on artificial intelligence infrastructure despite strong financial growth. The company reported $7.8 billion in second-quarter revenue, a 92% increase from $4.1 billion a year earlier, exceeding analysts' expectations.

However, SpaceX posted a net loss of $143 million for the quarter and a $2 billion loss for the first half of 2026 as capital expenditures surged to $18.4 billion, nearly six times higher than last year, driven largely by AI data centers and computing infrastructure. Starlink remained the company's biggest revenue contributor, with revenue rising 66% year over year, while its AI business grew 250% to $2.6 billion. CEO Elon Musk said the company is rapidly expanding AI computing capacity and expects to build more than 2 gigawatts of computing power this year and nearly 10 gigawatts by the end of next year using Nvidia hardware.

Meanwhile, President Gwynne Shotwell said SpaceX aims to expand Starlink into a full mobile service capable of competing with major wireless carriers. Investors are also watching the expiration of the company's post-IPO lock-up period, which could bring hundreds of millions of insider-held shares to the market. SpaceX closed at just over $125, below its $135 IPO price, reflecting investor concerns that aggressive AI investments may take time to translate into profits.