SpaceX earnings news: SPCX down 11% after first public quarterly results

SpaceX earnings news: SPCX down 11% after first public quarterly results

Markets

SpaceX extends decline to 11% on lockup expiration and capex spending fears

The company reported no BTC sales in the second quarter, but shares fell before the open as investors focused on capital spending, free cash flow pressure and a looming insider lockup expiry.

By

Shaurya Malwa

,

Helene Braun

|

Edited by

Stephen Alpher

Aug 5, 2026, 12:12 p.m.

2

min read

Make

preferred on

Share

Share this article

Copy link

X icon

X (Twitter)

LinkedIn

Facebook

Email

Make

preferred on

SpaceX stock drops 11% premarket as lockup, spending fears hit first earnings. (SpaceX/Unsplash)

Summary

Show

SpaceX shares fell 11 percent in pre-market trading as investors focused on heavy capital spending and a looming insider share lockup, despite the company’s stronger-than-expected first earnings report.

Revenue surged 92% to $7.8 billion and adjusted EBITDA nearly tripled to $3.5 billion, but SpaceX posted a $541 million net loss and spent $18.4 billion to expand Starlink, Starship and AI infrastructure.

The company kept all 18,712 bitcoin on its balance sheet, taking a roughly $195 million fair-value hit that added earnings volatility.

SpaceX shares fell 11% in pre-market trading Wednesday as investors looked past a stronger-than-expected first earnings report and toward heavy capital spending and a major insider-share unlock due Thursday.

Revenue rose 92%

from a year earlier to $7.8 billion, beating Wall Street estimates, while adjusted EBITDA nearly tripled to $3.5 billion. The company narrowed its net loss to $541 million, but spent $18.4 billion during the quarter as it expanded Starlink, Starship and its AI infrastructure.

SpaceX held all 18,712 bitcoin on its balance sheet through the quarter. The position was worth about $1.1 billion at the end of June, bringing into view the accounting risk

CoinDesk flagged

before the IPO — that bitcoin price swings now flow through the public company’s quarterly earnings under fair-value rules.

The stake lost roughly $195 million in value during the quartet, adding volatility to results.

JPMorgan, which raised its price target to $240 from $225, said it now expects the space company’s capital expenditures to reach nearly $200 billion in both 2027 and 2028, adding more pressure on free cash flow. "We now project capex of nearly $200 billion in both 2027 & 2028, which further pressures free cash flow in 2027, a trend we see across the hyperscalers," the analysts wrote.

The bank also pointed to Thursday's lock-up expiration, when 911.5 million shares could become eligible for sale, potentially increasing the public float by 143%, though it said much of the event may already be priced in because investors have had months to prepare.

Raymond James reiterated its Street-high $800 price target, arguing the company's operating performance remains strong.

Shares are currently changing hands at $111.80.

Latest Crypto News

1

Nomura’s Laser Digital backs ZIGChain for onchain private credit push in UAE

23 minutes ago

2

Crypto may have institutionalized, but it still trades like a rumor mill

48 minutes ago

3

Galaxy Digital shares slip 5% after second-quarter results

1 hour ago

4

AI agent token once worth $2.4 billion ends with founder calling it dead

1 hour ago

5

Yellow Card raises $40 million to link banks to stablecoin processing

1 hour ago

6

The $120 million Coldcard hack lights up Bitcoin's memory pool

2 hours ago

7

Circle shares fall 3% despite earnings beat as stablecoin issuer misses on revenue

2 hours ago

8

Bitcoin, broader market fail to keep pace as global equities hit record highs

2 hours ago

9

Coldcard hack sparks a self-custody security overhaul: Cory Klippsten

3 hours ago

10

Why bitcoin’s ‘500-day rule’ faces its biggest test yet

4 hours ago

Latest Research

The Evolution of the Crypto CEX Landscape: A Case Study on Binance

The Evolution of the Crypto CEX Landscape: A Case Study on Binance

Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.

By

CoinDesk Research

Jun 29, 2026

Commissioned by

Binance

Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.

Why it matters

:

Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.

View Full Report

More From

Markets

AI agent token once worth $2.4 billion ends with founder calling it dead

Circle shares fall 3% despite earnings beat as stablecoin issuer misses on revenue

Bitcoin, broader market fail to keep pace as global equities hit record highs

Crypto

CD20

$1,746.01

CD20 down 0.011 percent

0.011%

BTC

$64,103.07

BTC up 0.74 percent

0.74%

ETH

$1,867.38

ETH up 0.42 percent

0.42%

XRP

$1.06

XRP down 1.24 percent

1.24%

SOL

$73.59

SOL up 0.034 percent

0.034%