SpaceX will release its first quarterly report after going public on Tuesday after the market closes, with its stock price down nearly 50% from its peak, as the market focuses on Starlink, AI, and lock-up pressure

SpaceX will release its first earnings report since going public after the U.S. stock market closes on Tuesday, with the market focusing on the operational performance of its three major businesses: Starlink, Starship, and AI. Since its listing on June 12, SpaceX's stock price has continued to decline, closing at $114.53 on Monday, about 15% lower than the offering price of $135, and nearly 50% down from its historical high of $225.64, with a market value evaporating by over $500 billion. Visible Alpha estimates its Q2 revenue to be around $6.9 billion, primarily driven by Starlink. In terms of AI business, SpaceX previously acquired xAI and established computing power supply collaborations with Google, Anthropic, and others, with Q1 AI business revenue reaching $818 million. Additionally, the Starship's 13th test flight was recently completed, but the booster recovery experienced a hard landing.

After this earnings report, SpaceX will face a lock-up period expiration on Thursday, with approximately 911 million shares (valued at about $100 billion) becoming tradable, raising market concerns about potential selling pressure. Data from S3 Partners shows that investors shorting SpaceX have realized gains of about $8.3 billion. Institutions like New Street and Yorkville Advisors believe that the pullback may provide an entry opportunity for long-term investors, with the ultimate trend depending on the strategic signals released by Musk during the conference call.