SpaceX Craters 12% on Soaring AI Costs as Other Space Stocks Decline

Shares of SpaceX (NASDAQ:SPCX) are falling 12% to $110 successful aboriginal Wednesday trading, extending a unsmooth agelong that has pushed the banal down much than 30% since its June IPO.

The determination follows SpaceX's archetypal nationalist net report, released aft the adjacent connected August 4. Revenue bushed estimates by a wide margin, yet a surge successful AI superior spending and a looming lockup expiration are driving dense selling.

Other abstraction names are hardly moving, signaling that this is simply a company-specific absorption alternatively than a assemblage rout. The prediction markets echoed the pessimism, with Polymarket showing a 77.5% probability of a down time for SPCX connected August 5.

AI Capex Shock Overshadows a Big Revenue Beat

SpaceX's Q2 2026 gross came successful astatine $7.81 billion, up 92% twelvemonth implicit twelvemonth (YoY), supra the astir $6.82 cardinal consensus. AI gross jumped 247%, Starlink gross roseate 67%, and motorboat gross climbed 29%. SpaceX besides reported adjusted EBITDA of $3.54 cardinal and a narrowed nett nonaccomplishment of $541 million.

However, the top-line spot is being overshadowed by superior spending. SpaceX's AI capex ballooned to $15.8 billion, from $7.7 cardinal successful Q1 2026, with full Q2 capex of $18.37 billion. That has stoked free-cash-flow concerns adjacent with the company's $93.52 cardinal currency heap and $47.5 cardinal backlog. Starlink, present supra 12 cardinal subscribers, remains the lone profitable segment.

Act now: the expert who called NVIDIA successful 2010 conscionable named his apical 10 AI stocks — and Rocket Lab didn't marque the cut. Grab the names FREE today.

SpaceX besides named NVIDIA (NASDAQ:NVDA) arsenic its exclusive AI-chip supplier and unveiled a Starmind AI-1 payload that puts datacenter-class compute into orbit utilizing NVIDIA Rubin GPUs and Vera CPUs. SpaceX laminitis Elon Musk framed the buildout arsenic cardinal to the maturation story.

Wall Street Split arsenic Lockup Expiration Looms

Wall Street came distant divided connected SpaceX banal aft the print, with the bulls leaning into the AI maturation communicative and the much cautious voices fixated connected spending and the coming stock unlock. The terms targets present agelong crossed a strikingly wide range.