SpaceX earnings latest: Stock hits record low as investors await Q2 AI spending results

Elon Musk’s SpaceX is gearing up for another milestone—its first-ever earnings report, which it is scheduled to deliver tomorrow, Tuesday, August 4, after the closing bell. Analysts and investors are highly anticipating the space and AI company’s second-quarter 2026 earnings results. They come less than two months after SpaceX’s much-hyped initial public offering (IPO) on June 12, which has so far delivered less-than-stellar returns. Since its first trade , SpaceX has lost over $500 billion in market capitalization and is down over 50% from its intraday high. Shares of Space Exploration Technologies Corp. ( Nasdaq: SPCX ) were trading at $109.80 Monday afternoon at the time of this writing, well below both the stock’s first-trade price of $160.95 and its listing price of $135 per share. The stock briefly hit a new all-time low on Monday morning before rebounding slightly. As Fast Company has reported , SpaceX’s record-breaking IPO has joined a long list of overhyped companies that radically underperformed after going public. Not since May 2012, when Facebook (now Meta) went public, have shares of such a high-profile tech company fallen so hard right out of the gate. ( Facebook’s stock fell 54%, and was down 32% by year-end .) There are a few key indicators that investors will be watching for when SpaceX’s earnings come in on Tuesday. At the top of the list are concerns about the company’s spending: Like many other tech giants who are building AI services and data centers (including Google, Meta, OpenAI, and Anthropic), SpaceX is spending massive amounts ( $40 billion a year ) on building its AI infrastructure and on its rocket program. SpaceX posted a massive $4.94 billion net loss for the full year of 2025 under generally accepted accounting principles (GAAP) and a $4.28 billion net loss in the first quarter of this year in its prospectus, according to Yahoo Finance . At the same time, investors are worried about the potential for a new supply of the stock, which comes available after lockup periods expire , The New York Times reported. Finally, SpaceX’s dominance in the rocket industry could falter now that China has successfully completed its first-ever controlled recovery of an orbital-class rocket booster , as Fast Company previously reported.