SpaceX posted Q2 2026 revenue of $7.81 billion, blowing past analyst estimates of $6.93 billion by a comfortable margin. Year-over-year growth clocked in at 92%. After-hours trading on August 4-5 told a different story, with shares sliding roughly 8% as investors zeroed in on $18.4 billion in capital expenditures for a single quarter.

The numbers behind the nerves

SpaceX’s Q2 report marks a milestone. It’s the company’s first earnings release since going public in June 2026 under the ticker SPCX, in what was the largest IPO in history at $135 per share. The net loss narrowed to $541 million for the quarter, or $0.09 per share.

Of the $18.4 billion in capital expenditures, $15.83 billion was directed toward AI infrastructure initiatives, including a project called Colossus II.

Lockup expiration adds fuel to the fire

A lockup expiration on August 6 will release approximately 911.5 million shares into the market, making them available for trading for the first time since the IPO. Shares had already experienced significant volatility since the June IPO, declining from their initial post-listing highs well before this earnings report landed.

Why crypto and tech investors should pay attention

SpaceX’s $15.83 billion AI infrastructure bet intersects with the growing convergence between AI and crypto. Decentralized compute networks, AI-focused tokens, and GPU marketplace protocols are all positioned as alternatives to the centralized approach SpaceX is taking with Colossus II.

With 911.5 million shares becoming tradable following the lockup expiration, the next few trading sessions could see additional pressure on SPCX regardless of how investors feel about the underlying business.