SpaceX’s $85 billion IPO windfall went everywhere except Bitcoin

SpaceX beat Wall Avenue’s income and earnings expectations in its first quarterly report since its file IPO, giving the corporate a stronger monetary base for its accelerating synthetic intelligence growth.

In an Aug. 4 X post, the agency revealed that its second-quarter income rose 92% yr over yr to $7.814 billion, exceeding the roughly $6.8 billion analysts anticipated. Adjusted EBITDA climbed 191% to $3.538 billion, properly above consensus estimates of about $2 billion.

The corporate’s internet loss narrowed to $541 million from $1.008 billion a yr earlier, whereas its working loss improved to $143 million from $970 million.

IPO money piles into cash funds whereas Bitcoin holdings keep flat

The income beat got here as SpaceX directed most of its post-IPO liquidity into money-market funds and authorities securities whereas sustaining an unchanged Bitcoin steadiness.

Notably, SpaceX had generated $85.675 billion in internet proceeds throughout its file IPO, which helped raise its money, money equivalents and marketable securities to almost $100 billion.

SpaceX held $65.625 billion in money-market funds at June 30, greater than triple the $21.339 billion reported on the finish of 2025, in response to its SEC submitting.

The corporate additionally held $4.011 billion in authorities securities labeled as money equivalents and one other $6.487 billion recorded as marketable securities. Collectively, its money-market funds and authorities securities had been value $76.123 billion.

Then again, the agency’s reported Bitcoin place didn’t enhance alongside that liquidity.

SpaceX held 18,712 BTC with a price foundation of $661 million at June 30, matching the quantity and price foundation reported on the finish of 2025.

The matching balances present that SpaceX reported no internet change in its Bitcoin place between Dec. 31 and June 30. The submitting doesn’t disclose transaction-level exercise, which means purchases and gross sales may have occurred throughout the interval and offset one another earlier than quarter-end.

Nevertheless, the place’s truthful worth fell to $1.098 billion from $1.637 billion throughout the first half, producing a $539 million unrealized loss.

Regardless of the decline, the Bitcoin place remained $437 million above its reported value. It represented about 1.1% of SpaceX’s money, money equivalents and marketable securities after the IPO, down from roughly 6.6% at year-end.

AI absorbs many of the funding finances

SpaceX directed $15.828 billion into AI infrastructure throughout the second quarter, greater than 21 occasions the $749 million spent a yr earlier and about double the quantity deployed within the first quarter.

The AI outlay accounted for 86% of SpaceX’s $18.369 billion in whole quarterly capital expenditure. It additionally exceeded Wall Avenue’s $13.09 billion estimate for AI spending, at the same time as total capex got here in barely beneath the $18.58 billion anticipated.

Throughout the primary half, AI capital expenditure climbed to $23.551 billion from $3.316 billion a yr earlier. That represented almost 83% of SpaceX’s whole $28.476 billion funding throughout the interval.

The spending helps SpaceX’s effort to construct large-scale information facilities, lease high-demand computing capability to main know-how firms and develop its personal AI fashions and coding merchandise.

That funding has already begun producing industrial returns. AI income reached $2.561 billion throughout the quarter, pushed by computing agreements with prospects together with Google and Anthropic, alongside income from Grok and X subscriptions.

Chief Monetary Officer Bret Johnsen mentioned contracted compute deployments had been producing payback durations of lower than one yr, permitting SpaceX to recuperate gear prices extra shortly than it does on launch websites and satellite tv for pc infrastructure.

Nevertheless, the estimate applies to particular compute contracts moderately than the AI division as a complete. The section nonetheless recorded a $1.257 billion working loss, alongside $1.885 billion in depreciation and amortization and $2.178 billion in analysis and improvement spending.

SpaceX has signed $14.1 billion in cloud-services agreements and added one other $6.7 billion in contracts after the quarter ended.

Johnsen mentioned capital spending would stay at an identical degree throughout the last two quarters of the yr, indicating that AI infrastructure will proceed absorbing many of the firm’s funding finances.

The part ought to join the selloff to each pressures with out claiming both one alone precipitated it. It also needs to distinguish confirmed fairness shorting from two-sided crypto derivatives exercise.

SPCX struggles as $100 billion unlock meets crowded quick commerce

The earnings beat did not ease considerations about SpaceX’s AI spending and the approaching enhance in tradable SPCX shares.

With investor sentiment already beneath stress, consideration now turns to the availability overhang. On Aug. 6, insiders grow to be eligible to promote roughly 900 million shares value about $105 billion at present costs.

Tom Dunleavy, the Head of Enterprise at Varys Capital, mentioned the discharge would rank among the many largest lockup expirations in market historical past. The shares exist already, however the expiration may sharply increase the inventory accessible for public buying and selling if workers and early traders select to promote.

The Aug. 6 expiration can also be the primary stage of a broader enhance in provide. Dunleavy mentioned one other block would grow to be eligible after SpaceX reviews third-quarter earnings, whereas further restrictions expire on Dec. 8.

By then, about 40% of SpaceX’s excellent shares may very well be freely tradable, though Elon Musk’s stake stays locked till June 2027.

Quick sellers had already positioned for additional weak point. S3 Companions estimated that 95% of SPCX shares accessible to borrow had been out on mortgage, whereas quick curiosity had reached 34% of the general public float.

Expectations of heightened volatility had been additionally seen in crypto derivatives markets. CoinGlass information reviewed by CryptoSlate confirmed SPCX futures quantity and open curiosity reaching their highest ranges for the reason that contracts launched.

In response to the data, SPCX’s buying and selling quantity within the final 24 hours climbed to about $6.85 billion, whereas open curiosity approached $720 million.

Rising open curiosity doesn’t present whether or not merchants had been predominantly bullish or bearish as a result of every futures contract consists of each lengthy and quick positions.

Nevertheless, elevated fairness quick curiosity, file derivatives exercise, and the approaching unlock point out that merchants are getting ready for bigger value swings because the inventory’s tradable provide expands.

That has already translated right into a destructive value efficiency for SPCX, which has fallen to $114, which is about 15% beneath its $135 IPO value, 28% decrease over the previous month, and roughly 49% beneath its June excessive.