SpaceX shares fell 11% in pre-market trading Wednesday, extending a decline that has erased a large portion of gains since its public debut, as investors focused on a looming insider share unlock and heavy capital spending despite the company’s first set of public earnings, CoinDesk reported. Revenue surged 92% from a year earlier to $7.8 billion and adjusted EBITDA nearly tripled to $3.5 billion, but SpaceX posted a $541 million net loss and spent $18.4 billion during the quarter to expand Starlink, Starship, and its AI infrastructure.
Why the Lockup Expiration and Capex Fears Spooked the Market
A major insider lockup on SpaceX shares is set to expire Thursday, potentially flooding the market with new supply and pressuring the stock. Combined with a quarterly capital expenditure that dwarfed revenue, the near-term outlook alarmed traders even as the headline numbers beat estimates. The sell-off mirrors other high-profile asset drawdowns, including the recent turmoil around Jack Mallers stepping down as CEO of XXI Capital amid a failed Tether merger, which underscored how capital allocation shifts can weigh on investor sentiment across risk assets.
SpaceX’s Bitcoin Holdings Stay Put, Adding Earnings Volatility
SpaceX held all 18,712 bitcoin on its balance sheet through the second quarter, taking a roughly $195 million fair-value hit that added to earnings volatility. While the unchanged bitcoin position removed any immediate sell-pressure, the market’s response to heavy capex and the lockup highlights a broader pattern of capital reallocation away from crypto and toward tangible infrastructure—a trend underscored by the closure of the first U.S. spot Bitcoin ETF as AI and infrastructure draw institutional funds.
Broader Market Implications and What to Watch
The SpaceX rout comes at a time when global macro fears are already rattling digital assets. Persistent inflationary pressure and central bank interventions have revived the kind of yen carry trade anxieties that previously hammered bitcoin, much like the U.S.-Japan intervention that reignited carry trade fears for bitcoin. If the lockup expiration triggers a wider sell-off in speculative equities, crypto markets could face renewed headwinds, even if the fundamental story—such as institutional bitcoin holdings—remains intact. For now, traders are watching how much of the $18.4 billion spending translates into future revenue, and whether the bitcoin position stays steady through the turbulence.
