Key facts
- SpaceX shares fell 11% in pre-market trading.
- Concerns over capital spending and lockup expiration affected SpaceX shares.
- SpaceX reported stronger-than-expected first-quarter earnings.
- Galaxy Digital reported a net loss of $85 million for the second quarter.
- Galaxy Digital's net loss narrowed from the previous quarter.
- Galaxy Digital missed revenue estimates in the second quarter.
- Galaxy Digital's digital assets operations saw improved gross profit.
- Galaxy Digital's data center business generated $20 million in adjusted gross profit.
SpaceX shares saw an 11% drop in pre-market trading, a decline attributed to investor apprehension over the company's significant capital spending plans and the upcoming expiration of an insider share lockup period. This decrease in share value occurred even as SpaceX announced a first-quarter earnings report that surpassed market expectations. The market's reaction suggests that concerns about future investment and potential insider selling are outweighing the positive earnings news.