SPACEX REPORTS FIRST PUBLIC EARNINGS AFTER SHARE PRICE FALL

SpaceX reported its second quarter earnings on Tuesday following a significant decline in its share price since going public in June. The company's stock has fallen 24% since its initial public offering, erasing nearly £500bn in market capitalisation, according to available reports. Analysts had forecast revenue of $6.93bn and a loss of 26 cents per share, according to global brokerage firm XTB. One report indicated that SpaceX exceeded analyst estimates in the earnings announcement.

SpaceX went public in June with what was described as the largest stock market debut in history, initially valued at $2tn. The company comprises several businesses including the satellite internet provider Starlink, the artificial intelligence platform xAI, the social media company X and the SpaceX rocket division. According to figures from the previous year, SpaceX generated revenue of $18.7bn whilst recording an operating loss of $4.3bn, with Starlink reported as its only profitable division. Analysts forecast the space division would report $835m in revenue, connectivity $3.38bn and AI $2.18bn.

The earnings report came ahead of the first "lockup" expiry, when shares obtained by employees and insiders before the public listing would become available for trading. Analysts noted the report's timing was significant given recent share price movements and investor uncertainty about the company's long-term trajectory. The stock had fallen to below its IPO price before the earnings announcement, according to research commentary from XTB.