SpaceX stock (NASDAQ: SPCX) tumbled to an all-time low of $107 on August 3, capping a 32% decline since July 2. The selloff comes just one day before the company is set to report its second-quarter earnings on August 4.
What drove the 32% slide
The drop began in early July and accelerated through the month. By August 3, SPCX had lost nearly a third of its value from the start of the period. Investors have been watching for signs of strain in SpaceX's core launch and Starlink businesses, though the company hasn't issued any public guidance revisions. The all-time low marks the first time the stock has traded below $110 since its Nasdaq listing.
Earnings expectations
Bloomberg's consensus forecast puts the company's Q2 figure at $6.87 billion. That number likely refers to revenue, though the consensus could also cover adjusted earnings. Either way, it sets a high bar for a company that has been spending heavily on Starship development and Starlink satellite production. Analysts on Wall Street will be parsing the earnings call for updates on launch cadence, Starlink subscriber growth, and any new government contracts.
What's at stake for investors
The 32% rout has erased billions in market value. For shareholders who bought near the July 2025 highs, the losses are steep. The question now is whether the earnings report can reverse the slide or confirm the pessimism. SpaceX has historically been tight-lipped about financial details, but as a public company it must now provide more transparency. The August 4 call will be the first real test of how the market reacts to that new level of disclosure.
No one knows what the numbers will show. But the stock's price action suggests traders are bracing for disappointment. If the report beats the $6.87 billion consensus, the rebound could be sharp. If it misses, the all-time low might not hold for long.
