Key facts
- SpaceX's stock has declined 15% from its IPO offering price of $135.
- The company's first earnings report since its IPO is scheduled for release.
- Wall Street consensus estimates Q2 revenue at $6.81 billion.
- A substantial lockup expiration on August 6 will permit the sale of approximately one billion shares.
- Investors anticipate growth in the Starlink satellite internet business.
SpaceX is poised to release its inaugural earnings report following its initial public offering, a significant event occurring amid a challenging period for the company's stock, which has seen a 15% decline from its $135 per share IPO price. Wall Street analysts are not anticipating a profit in this report. Investor focus is expected to be on the growth trajectory of Starlink, SpaceX's satellite internet division, as a key driver for continued investment while other ventures mature.
The earnings announcement is scheduled just two days before a critical lockup expiration on August 6. This event will substantially increase the number of publicly available shares, potentially introducing further volatility. On that date, insiders and early investors will gain the ability to sell approximately one billion shares, representing about $106.4 billion in value based on Monday's closing price. This influx of supply, coupled with a phased lockup expiration schedule, could lead to months of market fluctuations.
According to Bloomberg consensus estimates, SpaceX is projected to report second-quarter revenue of $6.81 billion. The company is also expected to report a net loss attributable to holders of $2.11 billion, or 24 cents per share. Starlink is estimated to have 12.19 million subscribers with an average revenue per user (ARPU) of $65.60. The AI segment is anticipated to incur an operating loss of $2.39 billion on revenue of $2.08 billion, while the Connectivity segment is expected to generate $3.88 billion in revenue with $2.41 billion in adjusted EBITDA.