SpaceX heads into its first earnings report as a public company after shedding more than $500 billion in market value since its IPO.

Shares of the company extended their decline, falling to $106 in early trading and dropping over 50% from their post-IPO high, per Yahoo Finance.

The earnings come as investors question whether the company’s premium valuation can be justified despite continued losses, heavy capital spending and a high price-to-sales multiple. Extra pressure may come from rolling lock-up expirations which could allow early investors to begin selling shares.

Analysts say Starship’s development will be the central focus of the earnings call, with the next-generation rocket expected to drive lower launch costs, expand Starlink and support SpaceX’s long-term plans for orbital AI infrastructure. The company has also highlighted semiconductor availability, regulatory approvals and compute capacity as critical execution challenges.

Beyond space operations, investors will be watching for updates on SpaceX’s AI business, including the pending Cursor acquisition, hosted compute agreements with Google, Anthropic and Reflection AI, and management’s outlook for future growth.

While digital assets are not SpaceX’s core business, the company’s Bitcoin treasury has grown into one of the largest corporate holdings, with 18,712 BTC worth approximately $1.2 billion.