SpaceX’s first quarterly results since its record-breaking IPO in June have left investors with more questions than answers. Revenues climbed, and net losses shrank, but a sharp rise in capex plans is keeping investor sentiment in check.

SpaceX’s stock is down more than 15% from its listing price of $150, and 40% below its peak of $225. It currently trades around $125. The damage is not over yet. After the Q2 results yesterday, the stock dropped roughly 10% in the initial minutes of trading on Wednesday. The stock is likely to remain under pressure this week onwards as the lock-up expiry ends, with a fresh round of selling expected soon.

For the quarter ended June 30, 2026, compared with the same quarter last year, the company posted revenues of $7.8 billion, up 92% from $4.1 billion. The net loss fell from $1 billion to $541 million, an improvement of $467 million. Adjusted EBITDA came in at $3.5 billion, up 191% from $1.2 billion.

Not All Three Segments Are Winning

SpaceX runs three business segments, and they’re performing very differently. The 92% year-over-year revenue growth was spread across three verticals — Space, Connectivity, and Artificial Intelligence. For the three months ended June 30, revenues were: Space at $962 million, Connectivity at $4.29 billion, and Artificial Intelligence at $2.56 billion.

But revenue alone doesn’t tell the full story. The Space vertical posted an operating loss of $542 million, and the AI unit lost $1.25 billion. Connectivity was the only profitable segment, posting operating income of $1.65 billion for the period.

This makes Starlink, SpaceX’s Connectivity business, the backbone holding the company’s finances together. Without it, the company would face serious challenges.

Where Is All The Cash Going?

SpaceX held $100 billion in cash during the second quarter and had already announced a $60 billion acquisition of Cursor to speed up its AI enterprise push. The Cursor deal will be an all-stock transaction.

Capital expenditure for the June quarter alone came in at $18.37 billion, according to SpaceX’s quarterly filings.

The jump in AI-related spending stands out. For the six months ended June 30, 2026, net cash used in investing activities rose by $28,455 million, reaching $34,487 million. Total capex for the same six-month period rose from $2.8 billion to $28.4 billion.

Capital expenditure in the AI vertical alone jumped to $23 billion (precisely $23,551 million) for the six months ended June 30, 2026, compared with just $3 billion ($3,316 million) for the same period in 2025.

To fund this spending, SpaceX raised $51.8 billion in new debt and issued $25 billion in senior unsecured notes in June 2026 — on top of the $85 billion it raised during its June IPO.

In simple terms: Starlink is paying the bills, Space is pouring money into Starship for future growth, and AI is the segment burning through cash the fastest as SpaceX races to build out compute infrastructure.

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A Bigger Test Begins This Week

The Q2 results came out on August 4, and the stock has been under pressure largely because of AI capex plans. But that’s not the only thing weighing on the stock — the unlocking period for shareholders is also about to begin.

Starting August 6, large chunks of SpaceX shares will come out of their lock-in period. Over the following months, more restricted shares will be freed up for sale in stages, and this is what investors should be watching closely.

During its IPO, Elon Musk’s SpaceX raised nearly $86 billion by selling just 5% of its stock. That left 95% — roughly 12.5 billion shares — locked up. Most US IPOs follow a standard 180-day lock-in period, where shares can be sold anytime after a single cutoff date. SpaceX took a different approach.

SpaceX set up a share release schedule with around 16-17 unlock dates, based on different criteria. Elon Musk himself isn’t selling any shares right now due to contractual restrictions — his lock-in doesn’t end until 366 days after the prospectus date of June 11, 2026.

But other insiders won’t have to wait nearly as long. Up to 911.5 million shares will be freed up on the second full trading day on Nasdaq following the first earnings release — that’s August 6.

From that day, the lock-up expiry begins. Insiders will be allowed to sell up to 7% of their stock on each of the 70th, 90th, 91st, 105th, 120th, and 135th days after the IPO, which fall on August 20, September 9, September 10, September 24, October 9, and October 24, 2026.

SpaceX’s market cap now stands at roughly $1.6 trillion, down sharply from the $2 trillion it touched after listing. The stock has fallen 15% over the past month, and the unlock schedule suggests more pressure could be ahead.

In the coming days, it’s likely the first tranche of lockup expiry — not AI spending or earnings — that moves the stock price the most.

Disclaimer: This article is for informational purposes only and does not constitute investment advice, financial advice, trading advice, or a recommendation to buy or sell any security. Stock prices, valuations, and lock-up schedules are based on publicly available prospectus filings.This is not investment advice. Readers should consult a qualified financial advisor before making decisions related to SpaceX shares or any other securities. The publisher and author accept no liability for losses arising from reliance on this content.