SpaceX Faced First Lockup Expiry After AI Spending Overshadowed Strong Earnings

(RTTNews) - Space Exploration Technologies Corp.'s (SPCX) first major IPO lockup expired on Thursday, allowing early investors to sell more than 911 million shares for the first time, just days after the company's inaugural earnings report as a public company triggered a sharp selloff.

SpaceX reported second-quarter revenue of $7.81 billion, up from $4.07 billion a year earlier, while its net loss narrowed to $541 million, or $0.09 per share, from $1.01 billion, or $0.34 per share, a year earlier.

Revenue and earnings exceeded Wall Street expectations, but investors focused on the company's $18.4 billion quarterly capital expenditure, including $15.8 billion for AI infrastructure, raising concerns over near-term cash flow despite management's long-term growth outlook.

Analysts said the lockup expiry added to the negative sentiment, as more than 911 million shares became eligible for sale, more than doubling the company's public float.