SpaceX Stock Price Today: Why SPCX Shares Are Falling After Q2 Earnings

By: WEEX|2026/08/06 09:45:00

TL;DR

SpaceX stock price today: SPCX traded around $107–108 on August 6, 2026.
Why is SpaceX stock falling? Investors focused on $18.4B in quarterly capital spending and the August 6 lockup expiration, despite a Q2 earnings beat.
SpaceX beat revenue and EPS expectations, but concerns over AI infrastructure spending weighed on market sentiment.
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SpaceX (SPCX-Spot · Futures) is having a rough week — and it's not because the business is underperforming. If anything, the opposite is true. The company's first earnings report as a public entity beat Wall Street's expectations on nearly every line item, yet the stock has kept sliding, and a separate structural event landing this week is adding fresh pressure. As of August 6, 2026, SPCX shares are trading in the $107–$108 range, down sharply from their $135 IPO price in June and more than 50% below the intraday high of $225.64 they touched shortly after going public, according to Investing.com.

Here's what's actually happening, based on the numbers SpaceX itself has reported and how the market has responded.

What Is the SpaceX Stock Price Today?

As of August 6, 2026, SpaceX was trading around $107–$108 per share, down from its $135 IPO price in June and more than 50% below its post-IPO intraday high of $225.64. Despite reporting stronger-than-expected Q2 earnings, the stock continued to decline as investors focused on heavy AI infrastructure spending and the August 6 lockup expiration.

SpaceX Stock Price Snapshot

Metric	Price
Current price (Aug. 6)	$107–108
IPO price	$135
Post-IPO high	$225.64
Market cap	~$1.65T

SpaceX Q2 2026 Earnings: Revenue, EBITDA and EPS

SpaceX delivered its first-ever quarterly report as a public company on August 4, and by traditional Wall Street scorecards, it was strong:

Revenue came in at $7.81 billion for the quarter, up 92% year-over-year and comfortably ahead of the roughly $6.8–$6.93 billion analysts had modeled, per CNBC.
Adjusted EBITDA reached $3.5 billion, nearly triple the year-ago figure and well above the roughly $2.0 billion consensus estimate, according to Yahoo Finance.
Net loss narrowed to $541 million, translating to a loss of $0.09 per share — far better than the $0.26 per share loss analysts had projected, CNBC reported.
Guidance points to a $100 billion annualized revenue run rate by the end of 2026, with management pulling forward its internal $1 trillion revenue target from 2031 to 2030.

On the surface, this is the kind of report that should send a growth stock higher. And initially, it did — shares jumped as much as 9.4% in regular trading the day of the report, closing at $125.33. Then came the after-hours reversal.

SpaceX Q2 2026 Earnings: Key Numbers at a Glance

Metric	Q2 2026 Result	Analyst Estimate
Revenue	$7.81 billion (+92% YoY)	~$6.8–$6.93 billion
Adjusted EBITDA	$3.5 billion	~$2.0 billion
Net loss	$541 million	~$1.9 billion
Loss per share	$0.09	$0.26
Quarterly capex	$18.4 billion	—
H1 2026 AI spend	$23+ billion (vs. $3.3B in H1 2025)	—

Sources: CNBC, Yahoo Finance, FX Leaders

Why Is SpaceX Stock Price Falling After Earnings?

The answer comes down to one number: $18.4 billion. That's how much SpaceX spent on capital expenditures in the second quarter alone, the bulk of it tied to AI infrastructure, according to FX Leaders. Zoomed out further, CNBC noted that AI-related spending alone hit more than $23 billion over the first six months of 2026, up from just $3.3 billion in the same period a year earlier — a nearly sevenfold increase.

Shares fell roughly 8.6% in after-hours trading following the report, and the decline extended into the following session, with the stock tumbling more than 12% at one point as investors digested the scale of the spending, per CNN Business and CNBC. The market's read is straightforward: revenue growth is real, but SpaceX is burning cash at a pace that raises questions about capital discipline, even for a company with roughly $100 billion in cash on its balance sheet.

This mirrors a pattern investors have seen elsewhere in 2026. Just two weeks before SpaceX's report, Tesla — also run by Elon Musk — posted disappointing free cash flow and rising costs of its own, which weighed on sentiment heading into SpaceX's print, CNBC noted.

What Is Driving SpaceX Revenue Growth?

Behind the capex headline, SpaceX's underlying segments are performing well:

Starlink and connectivity. The connectivity business generated $4.3 billion in revenue for the quarter and added 1.7 million net subscribers, pushing the total past 12 million, according to Yahoo Finance. On the earnings call, Elon Musk suggested Starlink could eventually carry the majority of the world's internet traffic.

AI infrastructure. SpaceX's AI segment revenue rose 247% year-over-year to $2.6 billion. The company also announced a new partnership with Nvidia to build an orbital AI payload called Starmind AI-1, using Nvidia's Rubin GPUs and Vera CPUs — with Musk stating Nvidia would be the exclusive chip supplier for SpaceX's AI ambitions.

Launch and space services. The core rocket-launch business remains the steady, established piece of the puzzle, continuing to deliver commercial and government payloads via the Falcon 9 fleet while Starship development continues.

How the August 6 Lockup Expiration Affected SpaceX Stock Price

Earnings weren't the only event on SpaceX's calendar this week. August 6, 2026 also marks the company's first lockup expiration since its June IPO — and it's a big one. Roughly 911.5 million insider-held shares, representing about 20% of eligible holdings, become available for public sale, according to The Motley Fool and a separate Yahoo Finance report.

SpaceX structured its lockup differently than most IPOs. Rather than a single fixed lockup period, the company staggered the release of insider shares across multiple dates. An early-release provision — which would have unlocked an additional 10% of shares if the stock traded 30% above its IPO price for five of ten consecutive sessions before earnings — was not triggered, since the stock never got close to that threshold.

The concern for investors is simple supply-and-demand math: a sudden, multi-fold increase in tradable float, arriving just two days after a volatile earnings reaction, could add further selling pressure even if long-term fundamentals haven't changed.

SpaceX Market Cap Today: From $2.94 Trillion to $1.65 Trillion

SpaceX's valuation swings since its June 12 IPO have been extraordinary. The company priced its offering at $135 per share for a roughly $1.8 trillion valuation — already ahead of Tesla, Meta Platforms, and Walmart at the time, according to Forbes. Within days, the stock's post-IPO rally pushed its market cap as high as $2.94 trillion, briefly surpassing Microsoft and Amazon and putting it within reach of the very top of the global market-cap rankings, per CNBC.

That peak didn't last. As of early August, SpaceX's market cap has fallen back to roughly $1.65 trillion, according to CompaniesMarketCap — landing it back in roughly the same valuation range as Meta Platforms, the company it had briefly overtaken during the IPO euphoria. That's a swing of well over $1 trillion in market value in under two months.

How SpaceX’s Stock Price Decline Compares With Facebook’s IPO

SpaceX's post-IPO volatility, while extreme in dollar terms given its size, isn't unprecedented in pattern. Fast Company noted that the company's decline echoes the aftermath of Facebook's 2012 IPO — at the time, one of the only comparably hyped tech debuts to fall so hard immediately after going public. Facebook shares dropped 54% from their offering price in the months after listing before eventually recovering and going on to become one of the best-performing tech stocks of the following decade under its later identity as Meta Platforms.

That historical parallel cuts both ways for SpaceX bulls and skeptics. It suggests that a rocky start to public trading life doesn't necessarily predict long-term outcomes — but it also underscores that newly public mega-cap companies, especially those valued heavily on future potential rather than current profitability, tend to go through a volatile price-discovery phase as the market works out what the business is actually worth without the artificial scarcity of a limited IPO float.

SpaceX's situation has a few distinguishing features, though. Unlike Facebook in 2012, SpaceX is not yet profitable and is scaling capital expenditures aggressively into a still-unproven orbital AI infrastructure bet, layered on top of its established rocket and satellite internet businesses. That combination — high growth, negative earnings, and enormous reinvestment — is a familiar setup for early-stage growth companies, but it's unusual to see it play out at trillion-dollar scale in the public markets within months of an IPO.

SpaceX Stock Price Prediction: Analyst Targets and Key Risks

Reaction from analysts has been mixed rather than uniformly bearish. Ahead of the earnings report, Bernstein analysts maintained a buy rating with a $239 price target, arguing that Starship's execution — not the quarterly numbers — is the real long-term swing factor for the stock, according to CNBC. Other firms have pointed to semiconductor availability, regulatory approval timelines for Starship launches, and the capital intensity of building out orbital data centers as the key variables to watch over the next several quarters.

Some market strategists have also noted a more mechanical, less headline-driven factor: as SpaceX's public float grows following the lockup expiration, index funds and ETFs that weight holdings by float-adjusted market cap will need to buy more shares over time, according to The Motley Fool — a dynamic that could offer some structural demand even amid near-term volatility.

SpaceX Stock Price FAQ

What is SpaceX's stock price today?

As of August 6, 2026, SPCX is trading around $107–$108 per share, according to Investing.com.

Why did SpaceX stock drop after earnings?

Despite beating revenue and EPS estimates, SpaceX reported $18.4 billion in quarterly capital expenditures — mostly tied to AI infrastructure — which raised investor concerns about cash burn and capital discipline.

What is SpaceX's market cap now?

SpaceX's market capitalization stood at roughly $1.65 trillion as of early August 2026, down from a post-IPO peak near $2.94 trillion.

How many SpaceX shares unlocked on August 6?

Approximately 911.5 million insider-held shares — about 20% of eligible holdings — became eligible for public sale as part of SpaceX's staggered lockup schedule.

What Could Move SpaceX Stock Price Next?

SpaceX's first earnings report as a public company told two different stories at once: a business genuinely growing faster than Wall Street expected across Starlink, AI, and launch services, and a spending profile aggressive enough to spook investors who are still trying to figure out how to value a nine-month-old public stock. Add a near-billion-share lockup expiration landing in the same week, and it's little surprise SPCX has been one of the more volatile large-cap names in the market this August. Whether the current pullback turns out to be a buying opportunity or the start of a longer re-rating will likely hinge on execution — particularly on Starship — over the coming quarters, rather than on any single data point from this report.

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This article is for informational purposes only and does not constitute investment advice. Stock prices and figures cited are accurate as of August 6, 2026, and are subject to change.

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