Thai-listed depositary receipts linked to SpaceX (SPCX) erased their earlier gains on Wednesday morning, reflecting a sharp downturn in the underlying stock during late US trading hours.
While the aerospace firm’s first quarterly report as a public entity surpassed revenue estimates at $7.8 billion, investor enthusiasm was dampened by a substantial $18.4 billion capital expenditure on AI infrastructure—a figure that significantly exceeded the $13 billion analysts had projected. This shift from a 9.5% regular-session rally to an after-hours slide of 7.5% highlights the mounting tension between the company’s rapid revenue growth and the massive financial outlays required to fuel its artificial intelligence and satellite ambitions.
Depository receipts linked to SpaceX in the Thai stock exchange saw similar movement with their gains of 7-9% from earlier sessions evaporating. SPACEX01 issued by Bualuang Securities is now -0.7% at THB 2.58 per share. SPACEX23 issued by InnovestX Securities saw a marginal gain of 0.6% at THB 3.24 per share, while SPACEX80 issued by KTB fell 0.5% to THB 3.88 per share.
SpaceX’s total revenue reached $7.8 billion for the period ending June 2026, marking a 92% year-over-year increase. Starlink remains the primary financial driver, generating $4.3 billion in revenue and doubling its user base to 12 million subscribers. The artificial intelligence division reported a 247% revenue surge, reaching $2.6 billion, largely through cloud service contracts with partners such as Anthropic and Google. Meanwhile, the rocket launch segment saw a 29% increase in revenue, though it continues to absorb significant development costs related to the Starship platform.
Chief Executive Elon Musk provided an optimistic outlook, suggesting that SpaceX could reach an annual revenue target of $1 trillion by 2030, or potentially as early as 2029. This internal forecast is notably higher than external projections, with FactSet estimating roughly $207 billion in revenue by 2029. To support these goals, the company intends to expand its compute capacity to 10 gigawatts by the end of next year, utilizing hardware exclusively from Nvidia. Additionally, management indicated a goal of launching the Starship vehicle on a daily basis within the coming year to lower deployment costs for orbital infrastructure.
The company’s net loss for the second quarter stood at $541 million, a reduction from the $4.3 billion loss recorded in the first quarter of 2026. However, immediate pressure on the share price is expected to persist as a post-IPO lock-up period expires this Thursday. This event will allow early stakeholders and employees to liquidate nearly one billion shares, potentially increasing market volatility.
