SpaceX shares fell 11% to $111 in early trading on Tuesday, as its 2026 capital expenditure plan significantly exceeded expectations, with an estimated full-year capital expenditure of approximately $65 billion, higher than Wall Street's forecast of $50 billion.

SpaceX's capital expenditures reached $18.4 billion in Q2, significantly exceeding analysts' expectations of $6 billion. Despite the company's Q2 revenue of $7.8 billion and EBITDA of $3.5 billion both surpassing forecasts, and CEO Elon Musk stating an anticipated revenue of $1 trillion by 2030 (a year earlier than previously expected), the market remains uneasy about its aggressive capital expenditure plan and lack of formal financial guidance. KeyBanc analyst Michael Leshock noted that while core business performance is positive, the high capital expenditure plan will pressure near-to-medium-term free cash flow. Additionally, approximately 911.5 million shares held by insiders are set to be unlocked on August 6th ET, potentially increasing the float by 143%.