Wall Street is about to get SpaceX’s first-ever earnings report

Key Points:

• SpaceX reported its first quarterly earnings as a public company, revealing significant losses of about $4.3 billion in Q1 and $4.9 billion in 2025, driven by heavy spending on Starship rocket launches, Starlink satellite internet, and AI initiatives, including data centers.
• Since its record-breaking IPO two months ago, SpaceX shares have experienced volatility, dropping nearly 50% from their peak and 15% below the IPO price, with investors closely watching the earnings report for insights on revenue growth and cash burn.
• The company is heavily investing in AI, spending $7.7 billion out of $10.1 billion in capital expenditures in Q1, following the acquisition of xAI, with aspirations to tap into a potential $26 trillion AI market over the long term.
• Analysts expect a modest slowdown in Starlink revenue growth due to rocket launch delays, but remain optimistic with average price targets around $228 to $250 per share, while the market awaits updates on the Starship project and the impact of SpaceX’s acquisition of Cursor on its AI business.
• A major lockup expiration on Thursday could release up to 911.5 million shares held by insiders, potentially increasing market volatility and affecting SpaceX’s weighting in major indexes, although Elon Musk’s shares remain locked for at least one year post-IPO.