$7.8 Billion in Revenue for Its First Quarter As a Public Company, Nearly Double From a Year Earlier, Though It Still Posted a $541 Million

The company spent $18.4 billion on capital investments, focusing on Starlink, spacecraft, and AI. CEO Elon Musk touted ambitious plans, including orbiting AI data centers next year and a heavy-lift rocket. Shares closed Tuesday at $125.33, below the $150 IPO price and far off the $225.64 intraday peak in mid-June, erasing over $1 trillion in market value.

A lockup expiration Thursday will more than double the tradable share supply, potentially adding selling pressure. Analysts note the stock's volatility reflects market uncertainty over AI-heavy investments. SpaceX acquired xAI earlier this year and is developing Starship, which has faced delays.

Maybe more than any IPO ever, the SpaceX IPO was about hopes and dreams and not the nuts and bolts of the business, said Cory Johnson of Epistrophy Capital Research, adding that some revenue comes from renting data centers because its Grok AI product lags competitors. He suggested retail investors have been cheerleading rather than analyzing the company. The IPO floated only about 5% of shares, fueling the initial surge.