$109B Share Unlock Sparks 12% SpaceX Stock Drop Amid AI Spending Fears

SpaceX's stock plummeted by over 12% to around $109 billion as investors grew concerned about the company's massive share unlock, AI spending, and pressure on future cash flow. Despite reporting strong revenue growth of 92%, with quarterly revenue reaching $7.81 billion, up from a year ago, investors were spooked by the sharp increase in capital spending.

The $109 billion share unlock is particularly significant, as it allows early investors and employees to sell their holdings, increasing the number of shares available in the market and creating strong selling pressure. This event could potentially increase SpaceX's public float by around 143%, according to JPMorgan.

The company's aggressive AI expansion has also raised questions among analysts, with JPMorgan expecting SpaceX to spend nearly $200 billion on capital projects in both 2027 and 2028. Additionally, the company maintained its Bitcoin holdings of 18,712 during the quarter, valued at around $1.1 billion at the end of June.