SpaceX shares are sliding after its first earnings report as a public company, a bad sign for investors who bought into the record IPO in June.

• The stock has dropped 24% since June, wiping out huge amounts of market value, and fell further after this report.
• Revenue nearly doubled, but heavy spending on AI and data centers spooked investors.
• Losses could grow from $15 billion a year to $30 billion, with some analysts warning of up to $300 billion burned through by 2030.
• The big bet is putting data centers in space, powered by reusable Starship rockets, with a new Nvidia partnership to build orbital compute — but Starship is far more complex and behind schedule.
• A share lockup expires this week, letting insiders sell 20% of shares, which could push the price down more.

Outlook: More big swings ahead as the lockup hits and investors question whether SpaceX can compete with OpenAI, Anthropic, and Google while burning cash.