SpaceX Stock Falls 14% as Q2 AI Spending Surge and Lockup Expiry Hit SPCX

SpaceX shares fell sharply on Tuesday, closing at $108.27 and shedding 13.6% as investors responded to second-quarter earnings that showed soaring artificial intelligence capital expenditures and the prospect of a wave of insider shares hitting the market as soon as Wednesday.

The selloff pushed SPCX below its June 12 IPO price of $135 for the first time since early trading days, bringing the stock to 20% below its offering price and roughly 52% off the near-$226 peak it reached shortly after its debut. Volume reached more than 202 million shares, well above the stock's recent daily average, reflecting widespread repositioning ahead of the lockup release.

Q2 earnings: strong revenue, alarming capex

SpaceX reported second-quarter revenue growth of approximately 92% year over year, beating analyst expectations, according to The Motley Fool. However, total capital expenditures for the quarter came in at $18.4 billion, with roughly $15.8 billion allocated to AI compute infrastructure, nearly double the prior-year period, per 247 Wall St. Losses widened in both the AI and Space segments.

The disconnect between top-line momentum and the capital intensity required to sustain it drove the market's reaction. SpaceX's Starlink broadband segment continued to show strong subscriber growth, but investors are questioning when the company's aggressive AI buildout will translate into operating-level profitability. The company has not provided explicit guidance on when consolidated losses will narrow.

Lockup expiry: up to 140% more shares may trade Wednesday

Compounding the earnings-driven pressure, the first post-IPO lockup expiration for SpaceX is scheduled for August 6, the day after the selloff. Market reports indicate the expiration could increase the freely tradable share count by more than 140%, allowing company insiders, early investors, and pre-IPO shareholders to sell for the first time since the June offering.

Two additional lockup tranches are on the calendar: a second release in December 2026 and a third in June 2027. Each expiration represents a potential supply event for the stock, and investors who participated in the IPO at $135 or bought near the $225 peak may face further pressure in the sessions ahead as former insiders assess the current price relative to their cost basis.

Context: SpaceX's IPO and the post-debut pullback

SpaceX completed the largest IPO in US history on June 12, 2026, raising approximately $75 billion and entering the public market at a valuation of roughly $1.77 trillion, according to CNBC. The stock surged as high as $225.64 in the first weeks of trading before a broader pullback in technology valuations began to weigh on the shares.

At Tuesday's close of $108.27, SpaceX's market capitalization stood at approximately $1.43 trillion, still placing it among the largest companies by market cap on NASDAQ. The company operates across three segments: Falcon and Starship launch services, Starlink satellite broadband, and AI and compute infrastructure.

What to watch next

• August 6: First lockup expiration. Insider selling volume and any SEC Form 4 filings will indicate how aggressively early shareholders are reducing positions.
• Management commentary: Any guidance or public statements on AI capex trajectory from SpaceX leadership could stabilize or extend the selloff.
• December 2026 lockup: The second tranche release represents the next major scheduled supply event.

For a full background on SpaceX stock, its IPO history, and how to buy SPCX, see our evergreen guide: SpaceX Stock (NASDAQ: SPCX): Price, Valuation & How to Buy in 2026.

Not investment advice.