SpaceX Q2 'Blow Out' Fails to Impress: Stock Drops 8% on Capex Concerns
SPCX is trading near its 52-week low of $104.83 (12% above the low).
Summary
SpaceX reported Q2 revenue of $7.8B, up 92% YoY, with AI revenue surging 247% and Connectivity growing strongly. Despite the beat, shares fell 8% in after-hours trading to $115.28 as investors focused on capex guidance 65% above Street estimates for September and December. Gene Munster called the quarter a 'blow out' and argued the market is 'missing the point,' highlighting a contracted revenue run rate that could hit $100B by year-end. Management commentary added color: Starlink Mobile is slated for end of 2027, and a Moon mission is expected in 2028, which Munster sees as a long-term catalyst. The sell-off reflects near-term spending fears overshadowing strong growth and ambitious expansion plans.
Updates
· Dow Jones Newswires — SpaceX shares fell 10% to below the $135 IPO price. CEO Elon Musk said SpaceX will exclusively use Nvidia chips, sending AMD shares lower.
· Leverage Shares — Capex reached $18.37B, including $15.83B in AI infrastructure, and a new NVIDIA partnership for orbital AI computing platforms was announced.
· Coinpedia — Adjusted EBITDA nearly tripled sequentially to $3.53B, doubling the $2B estimate. Net loss narrowed to $541M from $1.01B, with EPS of -$0.09 beating -$0.23 forecasts. Starlink revenue was $4.29B with 12M subscribers.
At the time of this announcement, SPCX was trading at $116.95 on NASDAQ in the Technology sector, with a market capitalization of approximately $1.7T. The 52-week trading range was $104.83 to $225.64. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Benzinga.