SpaceX stock hits new all-time low as AI capex jumps in Q2 - Yahoo Finance

SpaceX reported its first quarterly results as a public company, with Q2 revenue of $7.8 billion beating the $6.81 billion consensus and rising sequentially from $4.7 billion in Q1, while adjusted EBITDA reached $3.5 billion versus $2.0 billion expected.
Despite the earnings beat, SPCX shares closed down 13.6% on Wednesday to a new all-time closing low, pressured by surging capital spending.
The company's AI segment posted a smaller-than-feared operating loss of $1.26 billion against estimates of $2.39 billion, but AI spending jumped to $15.8 billion in the quarter, well above the $7.7 billion spent in Q1; overall Q2 capex was $18.37 billion.
JPMorgan analyst Doug Anmuth projected capex of nearly $200 billion in both 2027 and 2028, warning this would pressure free cash flow, though he was encouraged by a rising annual revenue run rate that CEO Elon Musk said could reach $100 billion by year-end.
SpaceX announced a partnership with Nvidia to build its Starmind AI-1 payload, aiming to bring "datacenter class compute" into orbit using Nvidia's Rubin GPUs and Vera CPUs and lifting peak satellite computing capacity to 250 kW; Musk said Nvidia would be the exclusive chip supplier.
A looming overhang is the August 6 lockup expiration, which frees up to 20% of shares — roughly triple the current tradable float — raising investor concerns about added selling pressure, according to Epistrophy Capital's Cory Johnson.