SpaceX stock has erased more than $1.2 trillion in market capitalization since its June high, a decline roughly equivalent to the entire current market value of Tesla $TSLA, as the company prepares to post its first earnings report as a public company next week.
The stock dropped more than 1% on Monday, ending at $113.50 after notching its 13th losing session across the prior 16 trading days, and extended those losses by roughly 3% in Tuesday's premarket. The decline from SpaceX's intraday peak of $225.64, reached in June, now exceeds the current market value of Tesla — whose stock has also fallen to near one-year lows.
SpaceX will release second-quarter 2026 results after market close on August 4, the company said. Management will host a live audio-only webcast at 4:30 p.m. ET the same day, with the event also streamed on X $TWTR.
The earnings report carries additional weight beyond the financial results themselves. Under the terms of SpaceX's post-IPO lockup agreement, the release opens a window for insiders to offload up to 20% of their restricted shares — a pool totaling as many as 911.5 million shares — with sales permitted beginning August 6, the second full trading day after the report, according to CNBC.
Options activity around the stock has been uneven. Put volume outpaced calls on Monday, and despite that imbalance, the bulk of the session's $442 million in total options premium was concentrated on the put side, according to CNBC. Among the five largest single trades measured by premium, four carried a neutral or bullish lean, per Cboe LiveVol data, with a pair of put-spread sales among them — structures that only profit if SpaceX shares climb from current levels.
"As an investor it's early — as a trader, Wall Street is now punishing the AI stocks for capex," Charles Moon, a tech and momentum specialist for Prosper Trading Academy, said.
SpaceX's losses are part of a broader July pullback in large-cap technology stocks. SpaceX and Tesla together have shed roughly $1.2 trillion in market value this month, while Alphabet $GOOGL has lost more than $375 billion, according to Yahoo Finance.
SpaceX crossed below its $135 IPO price for the first time last week, completing a reversal from the more than 40% gain the stock logged in its first two trading sessions. The company raised $85.7 billion in its June initial public offering — the largest in history — and posted a net loss of $4.9 billion in 2025 and an additional $4.28 billion loss in the first quarter of 2026.