SpaceX (SPCX: NASDAQ) reported first-quarter earnings as a public company that significantly beat Wall Street estimates, with revenue of $7.8 billion versus a $6.81 billion consensus and adjusted EBITDA of $3.5 billion against a $2.0 billion forecast. Despite the strong quarterly performance, SpaceX stock experienced after-hours declines, driven by investor concerns over surging AI spending that reached $15.8 billion in the quarter, more than double the previous quarter’s $7.7 billion. Additionally, a lockup expiring on Aug. 6 will free up to 20% of insider shares, roughly triple the current tradable float, creating immediate downward pressure according to analyst Cory Johnson of Epistrophy Capital.
SpaceX quarterly earnings, as stated in its financial release, delivered revenue of $7.8 billion, climbing from $4.7 billion in the first quarter. Adjusted EBITDA came in at $3.5 billion, well ahead of the $2.0 billion analysts had anticipated. Starlink also performed solidly, with subscribers surpassing 12 million and the connectivity business posting adjusted EBITDA of $2.60 billion.
However, SpaceX AI spending hit $15.8 billion, more than doubling from the previous quarter, and total capital expenditures reached $18.37 billion. Analyst Cory Johnson of Epistrophy Capital noted in a client memo that the lockup expiring on Aug. 6 frees roughly triple the current tradable float. CEO Elon Musk defended the company’s long-term trajectory, stating, “It’s not out of the question that at some point Starlink will deliver the majority of the world’s internet.”
Musk also said, “Unless we discover problems after mission data review, SpaceX will attempt to catch the ship with the tower on next flight.” Goldman Sachs, the IPO’s lead underwriter, forecasts SpaceX annualized revenue growing from roughly $31 billion to $846 billion within five years.
