SpaceX Shares Slide as Lockup and Spending Concerns Overshadow Earnings

SpaceX shares dropped 11% in pre-market trading Wednesday, extending pressure on the stock as investors weighed the company’s first earnings report against concerns over heavy spending and a looming insider-share lockup expiration. The decline came even as the company reported stronger-than-expected revenue and sharply higher adjusted EBITDA.

The move matters for markets because SpaceX is being judged not only on growth, but also on the cash demands tied to its major expansion projects. According to CoinDesk, investors focused on spending for Starlink, Starship and AI infrastructure, along with the prospect that more shares could become eligible for sale once the lockup expires.

Revenue rose 92% from a year earlier to $7.8 billion, while adjusted EBITDA nearly tripled to $3.5 billion. SpaceX still posted a net loss of $541 million and spent $18.4 billion during the quarter, underscoring the gap between operating momentum and the cost of scaling its core programs.

The company also kept its bitcoin position unchanged, holding 18,712 BTC through the quarter. CoinDesk reported the holdings were worth about $1.1 billion at the end of June and produced a roughly $195 million fair-value hit, adding volatility to quarterly results.

Analysts were split in emphasis. JPMorgan raised its price target to $240 from $225 but pointed to expectations for nearly $200 billion in capital expenditures in both 2027 and 2028, while also noting that 911.5 million shares could become eligible for sale after the lockup. Raymond James reiterated its Street-high $800 price target, citing continued strength in the company’s operating performance.