SpaceX faces $101 billion share unlock as debut earnings reveal massive AI spending spree

SpaceX just reported its first-ever quarterly earnings as a public company. The numbers were a mixed bag: revenue crushed expectations, but the company is hemorrhaging cash on AI infrastructure at a pace that would make even the most ambitious spenders blush. Now, barely two days after those results dropped, the company faces a share unlock that could flood the market with up to 911.5 million additional shares, valued at roughly $101 billion. Bloomberg is hosting a live Q&A today at 2 p.m. EDT to help investors make sense of the whole situation. The earnings picture: big revenue, bigger spending SpaceX reported Q2 2026 revenue of $7.8 billion, comfortably topping Wall Street’s consensus estimate of approximately $6.81 billion. The company also disclosed a net loss of $541 million, driven largely by capital expenditures of roughly $18.4 billion during the quarter. In English: for every dollar SpaceX brought in, it spent more than two dollars building out its AI and space infrastructure. Shares are trading around $114 to $115, roughly 15% below the $135 IPO price from June 2026 and a full 49% below the highs reached shortly after the company went public. For a company that debute...