SpaceX to Release First Post-IPO Earnings Report, Stock Down 50% from Peak

ChainCatcher report: SpaceX will release its first earnings report since going public after U.S. markets close on Tuesday, with market attention focused on the performance of Starlink, Starship, and AI businesses. Since its listing on June 12, SpaceX’s stock has continued to decline, closing at $114.53 on Monday—about 15% below its offering price of $135 and nearly 50% below its all-time high of $225.64, resulting in over $500 billion in market value lost. Visible Alpha estimates Q2 revenue at approximately $6.9 billion, primarily driven by Starlink. In AI, SpaceX previously acquired xAI and secured computing power partnerships with Google, Anthropic, and others; AI revenue reached $818 million in Q1. Additionally, Starship recently completed its 13th test flight, though the booster experienced a hard landing during recovery. Following this earnings report, SpaceX will face a lock-up expiration on Thursday, unlocking approximately 911 million shares (valued at around $100 billion), sparking market concern over potential selling pressure. S3 Partners data shows that short sellers’ unrealized gains on SpaceX have reached approximately $8.3 billion. Analysts from New Street and Yorkville Advisors suggest the current pullback may present an entry opportunity for long-term investors, with the ultimate trajectory depending on strategic signals conveyed by Musk during the earnings call.