SpaceX Stock Falls As AI Spending Surges After First Post-IPO Earnings
SpaceX shares fell $10.06, or 8%, to $115.27 in early afternoon trading Wednesday after the company disclosed a sharp rise in AI-related capital spending.[1]
The company said second-quarter 2026 AI-related capital expenditures totaled $15.8 billion, more than double its AI capex in the first quarter and equal to 86% of total capex for the quarter.[1] Elon Musk told investors on the earnings call that SpaceX is building AI compute capacity "at scale faster than anyone else" and highlighted the recent release of Grok 4.5.[1]
In its first earnings report since going public, SpaceX also reported rising revenue, but investors zeroed in on the scale and pace of the AI push.[2] The company has outlined plans for orbital and Earth-based data centers, a strategy that some analysts say is unproven against SpaceX's roughly $1.5 trillion valuation.[1]
Analysts warned the lockup covering up to 911.5 million shares is set to expire Thursday, August 6, 2026, a development that could increase potential share supply and add downward pressure.[1] Morningstar reiterated that it still views SpaceX shares as overvalued and called AI a key but uncertain driver of future valuation.[1]
Show source details & analysis (2 sources)
📌 Key Facts
- SpaceX shares fell $10.06, or 8%, to $115.27 in early afternoon trading on Wednesday, August 5, 2026, despite strong quarterly results (SpaceX shares).
- SpaceX disclosed that second-quarter 2026 AI-related capital expenditures totaled $15.8 billion, more than double its AI capex in the first quarter and equal to 86% of total capex for the quarter.
- On the August 5 earnings call, Elon Musk told investors SpaceX is building AI compute capacity “at scale faster than anyone else” and highlighted the recent release of Grok 4.5.
- Investors and analysts questioned whether massive AI investments — including plans for orbital and Earth-based data centers — can justify SpaceX’s roughly $1.5 trillion valuation.
- Analysts warned the lockup covering up to 911.5 million shares was set to expire on Thursday, August 6, 2026, a development that could add downward pressure by increasing potential share supply.
- Morningstar reiterated that even after the post-earnings decline it still views SpaceX shares as overvalued and sees AI as a key but uncertain driver of future valuation.
📰 Source Timeline (2)
Follow how coverage of this story developed over time
- On Wednesday, August 5, 2026, SpaceX shares fell $10.06, or 8%, to $115.27 in early afternoon trading despite the strong quarterly results.
- SpaceX disclosed that second-quarter 2026 AI-related capital expenditures totaled $15.8 billion, more than double its AI capex in the first quarter and equal to 86% of total capex for the quarter.
- Investors and analysts are questioning whether massive AI investments, including a plan for orbital and Earth-based data centers, can justify SpaceX's roughly $1.5 trillion valuation.
- Analysts cited in the article warn that Thursday's expiration of a lockup covering up to 911.5 million shares could add further downward pressure by increasing potential share supply.
- Elon Musk told investors on the August 5 earnings call that SpaceX is building AI compute capacity "at scale faster than anyone else" and highlighted the recent release of Grok 4.5.
- Morningstar reiterated that even after the post-earnings decline it still views SpaceX shares as overvalued and sees AI as a key, but uncertain, driver of future valuation.