SpaceX faces its first major test as a public company when it reports second-quarter earnings after the market closes on August 4.

Because #SpaceX only recently went public, investors won't have year-ago second-quarter results for comparison. Those figures will be released alongside this week's earnings.

#Morningstar analyst Nicolas Owens expects AI infrastructure to be a key focus, with large rental agreements from companies including #Anthropic and #Google compared against capex, which he expects to have doubled again.

Consensus estimates point to quarterly revenue of around $6.9 billion. However, profitability is expected to remain deeply negative.

Data from S3 Partners shows approximately $24.2 billion of short interest in SpaceX, representing 32.2% of its public float, making it one of the most heavily shorted stocks.

Investors will also be watching beyond the earnings release. On August 6, the first #lockup expiration will allow up to 20% of insider-held shares to become eligible for sale, raising concerns that additional supply could keep pressure on the stock even if earnings impress.