SpaceX shares fall before first public quarter as spending and lockup expiry overshadow bitcoin holdings
Revenue nearly doubled and adjusted EBITDA tripled, but $18.4 billion of quarterly spending and a large batch of shares becoming eligible for sale weighed on the stock.
SpaceX shares fell about 11% before the market opened after the company's first public quarterly results put its spending plans ahead of its bitcoin holdings. Revenue rose 92% from a year earlier to $7.8 billion, while adjusted EBITDA nearly tripled to $3.5 billion. The quarter still ended with a $541 million net loss.
The business spent $18.4 billion during the quarter as it expanded Starlink, Starship and artificial-intelligence infrastructure. That investment is designed to build capacity for future revenue, but it also keeps free cash flow under pressure while the company prepares for a large increase in its public share count.
Bitcoin stayed on the balance sheet
SpaceX reported that it held all 18,712 bitcoin at the end of June. The position was worth about $1.1 billion at that date, and the company recorded an estimated fair-value loss of roughly $195 million during the quarter as bitcoin prices moved lower. The figure makes the cryptocurrency position material, but small relative to the capital being deployed across the company.
The filing shows a treasury asset inside a much larger operating story. SpaceX's financial performance will be driven mainly by launches, Starlink subscriptions and the cost of building new infrastructure; bitcoin can add volatility to reported earnings without determining the business's cash needs.
The lockup is the immediate market event
JPMorgan raised its price target to $240 from $225 but projected that capital spending could approach $200 billion in 2027 and 2028. That forecast has made the company's ability to finance expansion a central question for investors, even with strong revenue growth.
A separate supply event arrives Thursday, when 911.5 million shares become eligible for sale as the lockup expires. That could increase the public float by about 143%, although not every eligible holder is expected to sell. The combination of a larger float and a high-spending expansion plan explains why the quarterly beat did not translate into a higher share price.
