SpaceX Unlocks 911 Million Shares Following Record Q2 Earnings and Massive AI Spending

On August 6, 2026, Space Exploration Technologies faced its first major post-initial public offering lock-up expiration, making up to 911.5 million Class A shares eligible for trading by insiders, early investors, and employees. The newly unlocked volume represents approximately three times the company's existing public stock float, significantly expanding the available market supply. The lock-up expiration coincided with the aftermath of SpaceX's first-ever quarterly earnings report as a public company, released after market close on August 4, 2026. During the April-to-June quarter, SpaceX reported total revenue of $7.81 billion, marking a 92 percent increase year-over-year and exceeding analyst consensus expectations of $6.93 billion. Adjusted EBITDA reached $3.5 billion, while the company posted a net loss of $541 million. Financial disclosures revealed massive capital expenditures driven by aggressive artificial intelligence infrastructure development. Total quarterly capex surged to $18.37 billion, up from $2.8 billion in the same period of 2025. Of that total, $15.83 billion was dedicated exclusively to the company's AI segment, which recorded an operating loss of $1.26 billion for the quarter. Chief Financial Officer Bret Johnsen indicated that capital expenditure levels will remain elevated through the remainder of the fiscal year. The connectivity division, anchored by Starlink, generated $4.29 billion in revenue, representing a 66 percent year-over-year increase, with active Starlink subscribers reaching 12 million globally. Meanwhile, the space manufacturing and launch division contributed $962 million in revenue, a 29 percent increase compared to the previous year. Chief Executive Officer Elon Musk addressed analysts during the earnings call, stating that th