Compass

This makes no sense with 911.5M new $SpaceX(SPCX.US) shares potentially entering SPCX’s float tomorrow, which will double its size.

Bloomberg

Retail investors are buying the dip on SpaceX's stock before more shares flood the market.

▪Retail investors were buying the dip in SpaceX shares aggressively on Wednesday, even as the company's stock sank after it released its first earnings report as a publicly traded firm.

▪Large institutional investors were apparently spooked by SpaceX's second-quarter capital expenditures of more than $18 billion, which is nearly 40% higher than what analysts had modeled.

▪Up to 911.5 million SpaceX shares will be eligible to be sold on Thursday for the first time, as the first batch of restricted equity held by early investors and company insiders is due to unlock.

By Joseph Adinolfi

08/05/2026 13:51:37 [DJ]

(MarketWatch) -- Shares in Elon Musk's rocket company were taking it on the chin on Wednesday

The SpaceX logo is displayed at the company's facility in Hawthorne, Calif.

Retail investors were doing what they do best on Wednesday: Buying the dip in SpaceX shares aggressively, even as the company's stock sank after it released its first earnings report as a publicly traded firm.

Large institutional investors were apparently spooked on Tuesday evening after SpaceX (SPCX) said it had booked second-quarter capital expenditures of more than $18 billion, nearly 40% higher than what analysts had modeled. Most of that money is going toward building data centers and other artificial-intelligence-related expenses.

But smaller individual players chose to focus on the positives. As a result, buying in SpaceX shares by the retail cohort looked particularly aggressive during the first hour of trading on Wednesday, according to Vanda Research data - even as the stock plunged.

On a net basis, individual investors bought $22 million of SpaceX shares during the first hour of trading - ranking third out of 37 opening sessions to date, and more than three times the average initial 60-minute net flow, the Vanda team said.

SpaceX shares had jumped on Tuesday before the company released earnings after the bell, FactSet data showed. Buying of bullish SpaceX call options had looked particularly aggressive, some analysts noted.

Shares were trading at $109 on Wednesday, down more than 12.5%. By comparison, the company's shares originally priced at $135 ahead of its June 12 initial public offering. The selloff in SpaceX was helping to drag down on the Nasdaq Composite COMP; it was the only one of the three major U.S. equity indexes trading in the red.

"Institutions initially focused on sharply higher AI capex and near-term profitability. Retail appear to have reached the opposite conclusion," the Vanda team wrote in commentary shared with MarketWatch. "Today's buying suggests investors continue to view aggressive AI investment as increasing the probability that [SpaceX] becomes the next long-term winner, rather than a reason to sell."

Time to buy?

Up to 911.5 million SpaceX shares, valued at more than $100 billion, will be eligible to be sold on Thursday for the first time, as the first batch of restricted equity held by early investors and company insiders is due to unlock.

The milestone will cause SpaceX's freely tradeable float to more than double, data showed. More shares will become eligible to trade in August and September, with additional releases set to continue through December in one of the largest post-IPO share unlocks in U.S. market history.

Brent Donnelly, founder of Spectra Markets, recalled how other stocks that drew sizable media attention around the expiration of their respective share lockups fared once the additional shares started hitting the market. The sample size he used was small - it included only three previous examples from the past few years - and in each case, the size of the unlock was much smaller than what is expected from SpaceX.

The final question of the call turned into a 7-minute Jensen manifesto on how growth can continue. $NVIDIA(NVDA.US)

My take: It passed the sniff test.

Here’s the play-by-play:

Goldman asked if Jensen still feels good about growth accelerating beyond the April quarter. Jensen took a "ground-up" approach to the answer:

The Scale: The world spends $300B–$400B on classical computing, but AI requires 1,000x more. If the world sees value in the AI "token," it will invest to produce it.

The Spend: Infrastructure spend to meet token demand will exceed $700B this year driven by enterprise software, robotic factories, agent-based small businesses, and cars that continuously generate tokens.

The Shift: Historically, we "pre-wrote" and "pre-recorded" code. Now, software is generated in real-time. This requires vastly more computation than traditional methods.

Sustainability: This isn't a cycle; it's the new standard for computing. Cloud companies are shifting entirely to this token-based architecture.

Real Value: Over the past two months the world has awakened to agents (like OpenClaw) that solve real problems. Companies like Anthropic are seeing the results, with revenue up 10x YoY.

Source: Gene Munster

$NVIDIA(NVDA.US)

JENSEN:

“Our their next generation GPU architecture, Vera Rubin, is now in full production.”

Seeing the level of pure technology that goes into making a new architecture is mind blowing.

We get to live during a time where a company is pushing every. single. limit.

Source: amit