SpaceX's Debut Earnings Preview Faces Stock Pressure Ahead of Q2

SpaceX is set to report its first earnings as a public company after a rough run, with Q2 revenue expected around $6.81 billion and an adjusted loss per share of about $0.24. Investors will scrutinize the company’s heavy capex trajectory (projected to climb toward $118 billion by 2028) and rising debt, as a lockup expiration could free up as much as 20% of shares and add selling pressure. The narrative will hinge on Starlink and Starship progress, plus any strategic moves around Musk’s portfolio of companies, including potential ties to Tesla, all amid a broader concerns about capital returns from bold AI and space initiatives.