SpaceX heads into first earnings report as a public company with shares down more than 50% from post-IPO peak

SpaceX is nearing its first earnings release since going public, with investors watching a mix of market pressure, AI plans, and operational execution. The stock has fallen to $106, down more than 50% from its post-IPO high, wiping out more than $500 billion in market value. Attention is also on the company’s AI strategy, including its plan to acquire Cursor after merging with xAI, along with key hurdles tied to Starship development, semiconductor supply, and computing capacity expansion. SpaceX currently holds 18,712 BTC valued at about $1.2 billion, making it one of the company’s largest corporate holdings. The earnings release is also expected to provide updates on compute hosting agreements with Google, Anthropic, and Reflection AI, while investors assess potential selling pressure from the lockup expiration for early backers.