SpaceX Shares Slide, Erasing $87,200,000,000 From Elon Musk's Wealth
Investors focused on $18.4 billion in capital spending and a 20% drop from the IPO price as the stock fell after earnings.
- Elon Musk saw an estimated $87 billion wiped from his net worth on Wednesday, as SpaceX shares slumped more than 13% following the company's first earnings report since listing on the Nasdaq.
- Capital expenditure exploded to $18.4 billion this quarter, with $15.8 billion earmarked for artificial intelligence infrastructure, alarming shareholders already wary of expensive AI pivots across Big Tech.
- While quarterly revenue soared 92% year over year to $7.8 billion, the Starlink broadband unit saw pricing pressure as average revenue per user fell from $85 to $66 over the quarter.
- SpaceX stock now trades 20% below its $135 IPO price, with additional supply looming after Thursday's expiry of the insider lockup freed around 911.5 million shares for potential sale.
- During the earnings call, Musk attempted to steady the narrative by pulling forward SpaceX's $1 trillion annual revenue target to 2030, suggesting a "non-zero chance" of hitting it by 2029.
15 Articles
15 Articles
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SpaceX Now Faces a Terrible Peril
Investors were not impressed by SpaceX’s first-ever earnings report earlier this week. Shares dropped by more than ten percent, even after the company reported higher than expected revenue — comforting financial news which, unfortunately for CEO Elon Musk, was overshadowed by the venture’s massive AI spending. The same day, SpaceX insiders, including employees and executives, got their first real opportunity to turn their holdings into cash afte…
Elon Musk Stock Crash Erases 87 Billion Dollars as SpaceX AI Infrastructure Costs Surge Sixfold
Elon Musk saw an estimated $87 billion wiped from his net worth in a single day on Wednesday in New York, as SpaceX shares slumped more than 13% following the company's first earnings report since listing on the Nasdaq, according to real-time billionaire trackers. Musk's fortune had ballooned into uncharted territory earlier this summer. When SpaceX began trading publicly on 12 June, he briefly became the world's first trillionaire, with wealth …
SpaceX Shares Slide, Erasing $87,200,000,000 From Elon Musk's Wealth
A leading space company's stock fell nearly 13% after its first public earnings report, cutting its top stakeholder's net worth by $87 billion in one day. Heavy capital spending on AI infrastructure drew investor scrutiny despite strong revenue growth. The post SpaceX Shares Slide, Erasing $87,200,000,000 From Elon Musk’s Wealth appeared first on The Daily Hodl.
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