SpaceX is set to report its first earnings since going public after the U.S. stock market closes on Tuesday, with investors watching three businesses in particular: Starlink, Starship and AI. Since its June 12 listing, the stock has stayed under pressure. It closed at $114.53 on Monday, about 15% below its $135 offer price and nearly 50% below its record high of $225.64, wiping out more than $500 billion in market value.
Visible Alpha expects second-quarter revenue of about $6.9 billion, led mainly by Starlink. On the AI side, SpaceX previously acquired xAI and has signed computing supply deals with Google and Anthropic. Its AI segment generated $818 million in first-quarter revenue. The company also recently completed Starship’s 13th test flight, though the booster recovery ended in a hard landing.
Attention is also turning to Thursday’s lockup expiration, when about 911 million shares, valued at roughly $100 billion, will become tradable. S3 Partners said short sellers in SpaceX are sitting on paper gains of about $8.3 billion. New Street and Yorkville Advisors said the pullback may offer an entry point for long-term investors, while the next move may hinge on the strategic signals Elon Musk gives on the earnings call.
SpaceX is scheduled to release its first earnings report as a public company after the U.S. stock market closes on Tuesday, with investors focused on the operating performance of three core businesses: Starlink, Starship and AI.
Since its June 12 listing, the stock has been in a steady pullback. SpaceX closed at $114.53 on Monday, about 15% below its $135 offer price and nearly 50% below its all-time high of $225.64. More than $500 billion in market value has been erased over that stretch.
Visible Alpha expects SpaceX to post about $6.9 billion in second-quarter revenue, with Starlink seen as the main driver.
In AI, SpaceX previously acquired xAI and entered computing supply partnerships with Google and Anthropic. The company’s AI business generated $818 million in revenue in the first quarter.
Starship is also part of the market’s earnings checklist. The company recently completed Starship’s 13th test flight, though booster recovery ended with a hard landing.
Beyond the earnings release itself, traders are also watching what comes next. SpaceX’s lockup period expires on Thursday, making about 911 million shares available for trading, or roughly $100 billion by market value. The potential for selling pressure has drawn attention ahead of the report.
Data from S3 Partners shows that investors betting against SpaceX have built paper gains of about $8.3 billion.
New Street and Yorkville Advisors said the retreat may offer a chance for long-term investors to step in. Where the stock goes from here may depend on the strategic message Elon Musk delivers on the earnings call.
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