SpaceX Stock Slumps on Massive Spending -- WSJ

By Rebecca Feng

Shares of SpaceX slumped more than 10% premarket to around $111 this morning, even after the rocket company reported a 92% surge in quarterly revenue.

Investors were spooked by the company's $18.4 billion in capital expenditure in the second quarter alone, which compared with just $2.8 billion in the prior year. "The concern for investors is how fast expenditure growth is outpacing revenue growth," said Kathleen Brooks, research director at brokerage XTB.

"If the share price stays below $115 on Wednesday, then it opens the door to a steeper fall below last week's lows of $108, if we see a surge of SpaceX shares hit the market in the next two days," Brooks said.

Ahead of yesterday's earnings, analysts at Bernstein wrote that instead of focusing on short-term stock movement, investors should pay more attention to "the level of confidence projected by management" on the company's growth path, adding that they viewed the case for a multi-trillion dollar valuation is "about 'if' not 'when'" for orbital data center plans.

Elon Musk said that SpaceX would be hitting $1 trillion in revenue by 2030, a year ahead of previous forecast. Its revenue for the first half of the year stood at $12.5 billion.

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August 05, 2026 06:15 ET (10:15 GMT)