STARBASE, Texas, September 1, 2026, 17:50 CDT — SpaceX shares dropped 1% as increasing AI-related expenditures raised concerns over its $1.9 trillion market valuation.
- SpaceX finished the session at $142.23, slipping 1.02%, with 52.8 million shares exchanged. The stock was at $142.09 as of 18:50 EDT.
- Yahoo Finance reported a market value of $1.875 trillion. Including newly issued Cursor shares brings the total to roughly $1.93 trillion at the close on Tuesday.
- Revenue in the second quarter totaled $7.814 billion. Adjusted EBITDA stood at $3.538 billion, and capital expenditures amounted to $18.369 billion.
Shares of Space Exploration Technologies Corp. NASDAQ:SPCX slipped 1.02% on Tuesday. The stock finished the session at $142.23 before dipping to $142.09 as of 18:50 EDT, with after-hours trading still underway.
The drop did not alter the high valuation. Adjusting shares post-acquisition implies an equity value of around $1.93 trillion. That represents approximately 62 times the second quarter’s annualized sales before deducting net cash.
The stock’s price ranged from $141.17 to $145.23, with 52.8 million shares changing hands, less than its three-month average volume. The closing price on Tuesday stood 5.4% higher than the $135 IPO price Yahoo Finance market data.
SPCX gave back its midday gain
Selected five-minute prices, U.S. dollars
As of . Source: Yahoo Finance. Values are snapshots, not a live feed.
Revenue in the second quarter increased by 92% to $7.814 billion. The net loss decreased to $541 million, down from $1.008 billion. Adjusted EBITDA surged to $3.538 billion, almost three times higher SpaceX earnings release.
Chief Financial Officer Bret Johnsen described 2026 as “a momentous year.” He said the quarter demonstrated “the true power of SpaceX.” The results also highlighted a significant gap between established connectivity income and substantial AI spending.
Connectivity supplied the operating profit
Second quarter 2026; revenue bars scale to the largest segment
Space
Operating result: −$0.542bn
Operating margin: −56.3%
Connectivity
Operating result: +$1.656bn
Operating margin: 38.6%
AI
Operating result: −$1.257bn
Operating margin: −49.1%
Source: SpaceX second-quarter results, filed August 4, 2026.
Connectivity reported operating income of $1.656 billion on revenue totaling $4.291 billion. Starlink’s subscriber base reached 12 million, twice the previous figure. Monthly user revenue remained steady at $66.
The Space division continued to record losses, with its operating deficit growing to $542 million even as revenue increased by 29%. Research expenditures climbed to $1.076 billion amid faster Starship development.
AI posted revenue of $2.561 billion, representing a 247% increase. However, operating losses amounted to $1.257 billion. The segment’s capital expenditures totaled $15.828 billion for the quarter.
SpaceX finalized its $60 billion purchase of Anysphere, creator of Cursor, on August 14. The company distributed 389.3 million common shares, along with 1.75 million shares tied to vested units SEC acquisition filing.
A mechanical valuation bridge approaches $1.93 trillion
Closing price and issued shares; U.S. dollars
Sources: Yahoo Finance, August 14 SEC filing, and second-quarter results. Adjusted value adds $55.6 billion to the quoted figure. It is an editorial calculation, not company guidance.
The balance sheet provides flexibility. As of June 30, cash and marketable securities amounted to $100.0 billion. Debt and finance leases were close to $39.4 billion. However, in the first half, capital expenditures surpassed operating cash flow by approximately $25.0 billion.
Shares were sold to investors at $135 each during the offering in June IPO prospectus. On Tuesday, the premium was limited. The stock also remained 37% under its post-listing peak of $225.64.
Risks: Delays with Starship, a slower pace of Starlink additions, or reduced conversion of AI contracts could put pressure on the multiple. On the other hand, higher infrastructure utilization would enhance cash conversion and help sustain it.
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