SpaceX's 11% pre-market nosedive turns $BTC bag into accounting-shaped liability 🚀

SpaceX shares fell 11% in pre-market trading Wednesday as investors weighed a stronger-than-expected first earnings report against $18.4 billion in quarterly capital spending and an 911.5 million-share insider lockup expiration due Thursday. Revenue rose 92% from a year earlier to $7.8 billion, beating Wall Street estimates, while adjusted EBITDA nearly tripled to $3.5 billion. The company narrowed its net loss to $541 million.

The capex outlay went to expanding Starlink, Starship and AI infrastructure, and analysts said the spending pace is unlikely to slow. JPMorgan, which raised its price target to $240 from $225, said it now expects the space company's capital expenditures to reach nearly $200 billion in both 2027 and 2028. "We now project capex of nearly $200 billion in both 2027 & 2028, which further pressures free cash flow in 2027, a trend we see across the hyperscalers," the analysts wrote. Raymond James reiterated its Street-high $800 price target, arguing the company's operating performance remains strong.

SpaceX reported no $BTC sales in the second quarter, holding all 18,712 bitcoin on its balance sheet. The position was worth about $1.1 billion at the end of June and lost roughly $195 million in value during the quarter, adding earnings volatility under fair-value accounting rules. JPMorgan flagged that bitcoin price swings now flow through the public company's quarterly results.

The Thursday lockup event could increase the public float by 143% as 911.5 million shares become eligible for sale, though the bank said much of the move may already be priced in because investors have had months to prepare. SpaceX reported the figures on Aug. 5, 2026, with shares marked down before the opening bell.