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

August 5, 2026 - 17:06

SpaceX delivered its inaugural quarterly report as a publicly traded company on Tuesday, posting numbers that beat Wall Street expectations on both revenue and profit. But the good news did little to stop the bleeding on Wall Street, as the stock closed at a new all-time low, extending a sharp sell-off that has now lasted several weeks.

The company reported second quarter revenue of $8.7 billion, up 23 percent from the same period last year, and adjusted earnings per share of $1.42, ahead of the $1.30 analysts had forecast. The strong results were driven by continued growth in its Starlink satellite internet business and a steady stream of government and commercial launch contracts.

However, investors have been more focused on the broader market shift toward artificial intelligence infrastructure spending. The company's management noted on the earnings call that several large enterprise customers have delayed or reduced their satellite communication orders as they redirect capital into AI data centers. That trend, combined with rising competition in the launch market and concerns about valuation, has pushed the stock down nearly 40 percent from its peak in early June.

Chief Executive Officer Lisa Chen acknowledged the pressure in a statement, saying that while the quarter was solid, the company is "closely monitoring the macro environment and adjusting our growth plans accordingly." She also reiterated that SpaceX remains on track to hit its full-year guidance, but stopped short of raising the outlook.

Analysts are split on the stock's next move. Some see the sell-off as overdone, noting that SpaceX still holds a dominant position in the space economy. Others argue that the current valuation, even after the drop, does not fully account for the risks tied to AI-driven capital reallocation and potential delays in the Starship program's next test flight.

The company's shares closed down 6.2 percent on Tuesday, marking the ninth straight session of losses. Trading volume was roughly double the daily average, suggesting that institutional investors are still actively reducing their positions. The next major catalyst will be the upcoming Starship orbital test, which is expected within the next month.