SPCX.TO is trading 13% down today as investors react to SpaceX’s first earnings report as a public company, which revealed significantly higher-than-expected capital expenditures.
- SpaceX disclosed $18.4 billion in quarterly capital expenditures, with approximately $15.8 billion dedicated to AI infrastructure, sparking concerns over near-term cash flows.
- Despite a major revenue beat, the underlying SpaceX shares fell 9–11%, directly pressuring the valuation of the Canadian CDR structure.
- The move appears driven by company-specific fears regarding return on invested capital (ROIC) rather than broader market sentiment, as equity markets remain firm.