SpaceX Stock Tumbles on Soaring AI Spending, Impending Lockup Expiration

Shares of Space Exploration Technologies Corp. (SPCX) fell more than 10% in pre-market trading Wednesday, driven by a combination of unexpectedly high spending in its first quarterly report as a public company and an imminent share lockup expiration that could flood the market with new supply.

Capex Shock Overshadows Revenue Beat

In its second-quarter 2026 earnings release, the company reported strong revenue of $7.8 billion, significantly surpassing the consensus analyst estimate of $6.9 billion and up from $4.1 billion in the same period last year. However, investor focus quickly shifted to a staggering increase in capital expenditures, which surged to over $18 billion from $2.83 billion a year prior.

The company attributed the vast majority of the spending to investments in artificial intelligence infrastructure. The report also confirmed a net loss for the quarter and, crucially, provided no forward financial guidance, leaving investors without a clear timeline for profitability.

Lockup Expiration Fuels Selling Pressure

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A second major factor weighing on the stock is the looming expiration of its post-IPO lockup period on August 6. This event will make approximately 911.5 million shares held by insiders eligible for sale.

This potential supply shock is significant as it vastly outweighs the company's current public float, which represents only about 4-5% of its total shares. According to Investing.com, traders appear to be selling ahead of the event, anticipating a wave of insider selling that could further depress the stock price.

Market Context

The sell-off is specific to the company, as the broader market remained stable, with the S&P 500 and Dow Jones Industrial Average posting modest gains. The decline pushes SpaceX shares, which debuted on June 12, closer to their 52-week low of $104.83 and further from a peak of $225.64, reflecting significant investor repricing amid concerns over cash burn and share dilution.