STARBASE, TEXAS / RankWire.AI / – SpaceX shares sank 13.6% on August 5 and closed at $108.27. The selloff followed the company’s first quarterly report since its June initial public offering. Investors weighed strong revenue growth against $18.37 billion in capital spending during the quarter. Artificial intelligence infrastructure accounted for $15.83 billion, up from $749 million one year earlier.
The stock fell as low as $107.18 during the session and ended nearly 20% below its $135 IPO price. SpaceX sold 638.9 million Class A shares through the offering, including the full underwriters’ option. The transaction generated net proceeds of about $85.68 billion for the company. Trading began on Nasdaq on June 12, and the shares later reached a peak of $201.80.
SpaceX reported second-quarter revenue of $7.81 billion, up 92% from $4.07 billion a year earlier. The company narrowed its net loss to $541 million from about $1.01 billion. Its operating loss declined to $143 million from $970 million during the same period. Adjusted earnings before interest, taxes, depreciation and amortization totaled $3.54 billion.
Artificial intelligence costs accelerate
The artificial intelligence division produced $2.56 billion in quarterly revenue, rising 247.5% from $737 million. New AI services and infrastructure accounted for $1.88 billion of the increase. Advertising revenue decreased by $59 million during the quarter. The division posted a $1.26 billion operating loss as research and development spending climbed 94.1% to $2.18 billion.
Starlink and other connectivity services remained SpaceX’s largest business by revenue. Connectivity sales increased 65.8% to $4.29 billion, while operating income rose 79.4% to $1.66 billion. Consumer subscriber growth reached 101.2%, although average revenue per user fell 22.4%. Government, aviation, maritime and enterprise operations contributed another $939 million in revenue growth.
Large post-IPO share release begins
Up to 911.5 million employee and early investor shares become eligible for sale on August 6. The total equals about 6.9% of SpaceX’s 13.18 billion outstanding Class A and Class B shares. It exceeds the number sold in the IPO by about 272.6 million. The company outlined the staggered release schedule in its prospectus filed with the Securities and Exchange Commission.
At the August 5 closing price, the first unlocked block carried a notional value near $98.7 billion. SpaceX reported 7.70 billion Class A shares and 5.49 billion Class B shares outstanding as of July 28. The company ended June with $93.52 billion in cash and $6.49 billion in marketable securities. The August 6 session marks the first day eligible holders can sell shares from the initial restricted group.