STARBASE, Texas, September 2, 2026, 08:55 CDT — SpaceX stock declined 1.9%, with investors weighing the company’s rising AI-related expenditures against its $1.84 trillion market value.
- At 09:55:08 EDT, SPCX was at $139.53, a decrease of 1.90%, but still 3.36% higher than its IPO price of $135.
- Revenue for the second quarter increased by 91.9% to $7.814 billion, while the net loss decreased to $541 million.
- Capital expenditure in the first half totaled $28.476 billion, with 82.7% allocated to the AI sector.
Shares of Space Exploration Technologies Corp. NASDAQ:SPCX declined 1.90% to $139.53 as of 09:55:08 EDT on Wednesday, placing the stock just 3.36% higher than its $135 initial public offering price Yahoo Finance market data; SpaceX IPO announcement.
The valuation suggests an estimated equity value of $1.84 trillion. This corresponds to approximately 59 times annualized revenue for the second quarter, based on the current share count.
The stock began trading close to $140.98 and stayed above $141 for a short period. It later declined to the session’s lowest point as volume climbed to 9.59 million shares.
SPCX regular-session path
Source: Yahoo Finance. Delayed exchange data; not a live stream.
The drop occurred even after a new positive outlook. Oppenheimer lifted its price target to $280 from $250 and maintained its Outperform rating, pointing to SpaceX’s vertically integrated AI platform Investing.com.
Analyst stance remains bullish, but the range is wide
Ratings issued during the past three months; target figures in U.S. dollars
Sources: Google Finance analyst snapshot and Oppenheimer update, accessed September 2, 2026.
The most recent quarter offers evidence for each argument. Revenue climbed 91.9% to $7.814 billion, with net loss shrinking by 46.3% to $541 million SEC Form 10-Q.
Operating results showed significant differences across divisions. Connectivity posted operating income of $1.656 billion, while Space recorded a loss of $542 million and AI a loss of $1.257 billion.
One company, three different earnings profiles
Three months ended June 30, 2026; revenue bars scaled to the largest segment
Space
Connectivity
AI
Source: SpaceX Form 10-Q. Operating results are calculated from reported segment revenue and expenses.
Starlink was the main contributor to profitability. The number of consumer subscribers doubled, but average revenue per user dropped 22.4% due to growth in lower-priced international plans.
Capital intensity poses a tougher valuation measure. In the first half, capital expenditures totaled $28.476 billion, which was 2.28 times the revenue recorded during that span.
Artificial intelligence accounted for $23.551 billion in spending, representing 82.7% of the total. The sector contributed just 27.0% of revenue for the first half and posted an operating loss of $3.726 billion.
SpaceX generated $3.466 billion in operating cash flow, resulting in a $25.010 billion shortfall compared to capital expenditures. The company reported $100.009 billion in cash and marketable securities, while total debt stood at $38.433 billion.
The increased liquidity helps ease short-term financing strain, but it does not eliminate the return requirement tied to a valuation of 59 times annualized sales.
The stock reflects the valuation of two distinct segments. Connectivity generates immediate cash flow, while AI accounts for the bulk of investment and a significant portion of anticipated growth.
Risks: Starship launch setbacks, Starlink price reductions, expenses tied to AI infrastructure, regulatory challenges, and additional share issuances may weigh on returns. Accelerated AI revenue or higher launch demand could help close the gap more quickly.
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