Shares of Space Exploration Technologies Corp. declined Thursday, giving back some of the recent gains that had pushed the stock back above its initial public offering price, as investors continued to digest the company’s aggressive investments in artificial intelligence infrastructure and progress on its Starship program.

SpaceX stock fell $3.31, or 2.34%, to $137.98 in midday trading on the Nasdaq, according to market data as of 12:26 p.m. EDT on Aug. 14. The move followed a sharp rebound in recent sessions that lifted the shares above the $135 IPO price set in June, after an earlier post-earnings sell-off had driven them as low as about $105.

The company, which completed the largest IPO in history earlier this year, reported second-quarter results on Aug. 4 showing revenue of $7.8 billion, a 92% increase from $4.1 billion a year earlier. The figure exceeded analyst expectations. Net loss narrowed to $541 million from about $1 billion in the prior-year period, while adjusted EBITDA rose to $3.5 billion.

Connectivity, driven largely by the Starlink satellite internet service, generated $4.3 billion in revenue. The AI segment contributed $2.56 billion, reflecting rapid growth from cloud computing contracts. Space segment revenue stood lower as the company continued heavy development spending. SpaceX ended the quarter with roughly $100 billion in cash, cash equivalents and marketable securities, bolstered by IPO proceeds of about $85.7 billion and other financing, and carried a backlog of $47.5 billion.

Capital expenditures remained elevated, with a substantial portion directed at AI compute capacity. The company has signed major cloud services agreements and announced plans for Terafab, a joint semiconductor manufacturing initiative with Tesla valued at an initial $16.8 billion for its first phase in Texas, with potential for much larger expansion. An agreement to acquire Cursor for $60 billion was also disclosed, aimed at accelerating AI enterprise opportunities.

During an all-hands meeting with employees and on the earnings call, Chief Executive Elon Musk emphasized the growing role of artificial intelligence. He indicated that AI revenue was on track to surpass other SpaceX revenue streams as early as September and significantly exceed them in the fourth quarter. Musk has projected the company could reach a $100 billion annualized revenue run rate by the end of 2026 and $1 trillion in annual revenue by 2030.

On the Starship front, Musk said a key technical challenge had been addressed. “I don’t want to jinx it or anything, but I think I’d consider the heat shield problem solved at this point,” he stated on the earnings call. He expressed confidence in increasing flight cadence, saying, “We expect the cadence of flights to be increasing rapidly, and probably a year from now, we will be doing at least one flight a day, possibly more.” The company aims to attempt catching the Ship with the tower on an upcoming test flight and to deploy viable payloads.

Starlink remains a core revenue driver, with fixed wireless subscribers around 12 million at the end of the second quarter and additional mobile subscribers through partnerships. The service continues to expand geographically, including new markets. Launch operations maintained a high cadence, supporting both commercial and government contracts, including multi-year U.S. government awards.

Analysts remain largely constructive, with a majority rating the stock a buy and average price targets implying substantial upside from current levels. Some have highlighted the AI business as undervalued relative to its growth trajectory, while noting risks around capital intensity, execution on Starship reusability and competition in satellite connectivity and AI infrastructure.

The stock’s volatility since the June IPO has reflected investor focus on the balance between near-term spending and longer-term monetization of Starlink scale, reusable launch systems and AI compute. Lock-up expirations have added to supply concerns, though the first major release did not produce the heavy selling some had anticipated. A further unlock is scheduled later in August.

SpaceX continues to pursue vertical integration across rockets, satellites, connectivity and now semiconductor production and AI models, including releases of advanced Grok versions. Management has pointed to contracted cloud revenue providing visibility into returns on the compute investments.

Market participants will watch upcoming Starship flight tests, additional AI contract disclosures, Starlink subscriber trends and any updates on Terafab progress or the Cursor acquisition closing. The company’s ability to convert heavy capital outlays into sustained high-margin growth will likely remain a central theme for investors assessing the shares after their rapid recovery from recent lows.

While the Aug. 14 decline interrupted the short-term rebound, the broader narrative centers on SpaceX’s transition from a private launch and satellite company into a public entity with ambitions spanning multiplanetary transport, global connectivity and large-scale AI infrastructure. Execution across these fronts will determine whether the current valuation, still reflecting significant growth expectations, proves sustainable.

This article was written by

Follow

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Gardeners at The Royal Parks in London have voted to strike in a dispute over pay, their union has said.

The workers, who are employed by sub-contractor Idverde, will strike over a proposed pay rise of 70p an hour for skilled gardeners and team leaders, which GMB union said was “an insult”.

There are eight Royal Parks in London; Bushy Park, Green Park, Greenwich Park, Hyde Park, Kensington Gardens, Regent’s Park-Primrose Hill, Richmond Park and St James’s Park.

A Royal Parks spokesperson said pay was a matter for Idverde, adding: “We recognise that this is a matter of concern for those involved and hope that a constructive resolution can be reached.” Idverde has been contacted for comment.

Skilled gardeners and team leaders at The Royal Parks are currently paid 55p an hour above the London Living Wage, external, currently set at £14.80, the union said.

GMB accused contractor Idverde of failing to recognise and value the workers’ skills and experience, and of treating the London Living Wage as a maximum rather than a minimum.

Anna Lee, its regional organiser, said: “Our members create and maintain these amazing spaces and to be offered 70p [extra per hour] is just an insult.

“They are skilled, experienced professionals and they know what their labour is worth.

“We’re calling on Idverde to get back round the table and offer our members a fair pay deal.”

The voting recieved a 75% turnout and 95% voted in favour of strike action.

Listen to the best of BBC Radio London on Sounds and follow BBC London on Facebook, external, X, external and Instagram, external. Send your story ideas to hello.bbclondon@bbc.co.uk, external

LOS ANGELES — A source close to LeBron James told ESPN that the star forward’s decision to leave the Los Angeles Lakers this summer might have played out differently had the team’s record $12.5 billion sale to Bob Iger and Josh Kushner taken place before he became a free agent, adding a new layer to an offseason that has already reshaped the franchise twice over.

James announced in late July that he would sign with the Philadelphia 76ers rather than return to the Lakers for a ninth season, ending an eight-year run in Los Angeles that included the franchise’s 17th NBA championship. Less than a month later, the Lakers themselves changed hands, with former Disney chief executive Bob Iger and venture capitalist Josh Kushner purchasing the team from Mark Walter for $12.5 billion, a figure that smashed the previous North American professional sports franchise record Walter himself had set just one year earlier when he bought the Lakers from the Buss family for approximately $10 billion.

ESPN’s Dave McMenamin, who has closely covered James for years as one of the reporters most associated with the star’s beat, asked a source close to James whether the ownership change, had it occurred sooner, might have influenced his decision to stay in Los Angeles. The source offered a measured, hedged response. “Maybe,” the source said. “But that’s tough to answer. Communication could have been better [with Iger and Kushner, compared to Walter]. Just a different relationship. But the basketball piece was the most important, so maybe not from that standpoint.”

That final caveat, that the underlying basketball fit mattered more than the identity of ownership, has been echoed across much of the reporting and fan reaction following McMenamin’s story. Under Walter’s brief tenure, the Lakers made clear their long-term roster plans centered on 26-year-old star Luka Dončić, acquired in a blockbuster trade in February 2025, rather than around James, who turned 41 during the final stretch of last season. That shift in organizational priorities left James in a position some analysts have described as increasingly peripheral to the franchise’s forward-looking plans, even as he remained a productive and highly respected player through his final Lakers season.

James ultimately signed a two-year, $8 million contract with Philadelphia, a deal he has described as his “last decision” after saying he seriously considered retirement before choosing to continue his career for one more run at a championship. His move reunited him with a 76ers roster that has been dramatically reshaped this offseason, including the addition of All-NBA forward Jaylen Brown alongside returning stars Joel Embiid and Tyrese Maxey, giving James a chance to compete for a title without needing to be the primary offensive engine, a role he largely occupied during his final seasons in Los Angeles.

Reaction to the report linking the Lakers’ ownership change to James’ free agency decision has been mixed, with a notable share of fans and commentators expressing skepticism about how much weight the single “maybe” from an anonymous source should actually carry. Social media reaction following the story included users questioning whether the comment amounted to meaningful new information at all, with some pointing out that a hedged, noncommittal response falls well short of confirming that James would have stayed under different circumstances. Others speculated more pointedly about the specific relationships in play, noting that Josh Kushner is the brother of Jared Kushner, son-in-law of President Donald Trump, and questioning whether that family connection might have complicated any hypothetical relationship between James and the new ownership group regardless of communication style.

Beyond the James speculation, the change in Lakers ownership has already begun generating its own set of storylines. ESPN’s Ramona Shelburne has pointed to Iger’s close personal relationship with recently retired point guard Chris Paul as a potential avenue for the new owners to bring additional basketball mentorship into the organization around Dončić, given Paul’s reputation as one of the league’s most respected basketball minds heading into retirement. McMenamin has separately suggested that Lakers head coach JJ Redick, who signed a contract extension under the previous ownership regime, appears well positioned to remain in his role under the new group, at least for now.

The Lakers’ ownership change also carries an unusual wrinkle given Iger’s history as a longtime, publicly known fan of the crosstown rival Los Angeles Clippers, a detail that has added an extra layer of intrigue to his arrival atop one of the NBA’s most storied franchises. How that history might shape his approach to running the Lakers, if at all, remains to be seen as the new ownership group settles into place.

For now, the Lakers enter the 2026-27 season fully committed to building around Dončić, following a roster overhaul that included trading rookie big man Johni Broome and making other moves to manage the team’s salary-cap situation heading into the new campaign. James, meanwhile, is set to begin his Philadelphia tenure with a nationally televised season opener against the New York Knicks on October 20, a fixture that will also double as the Knicks’ championship ring ceremony following their 2026 NBA Finals win.

Whether an earlier Lakers sale genuinely could have altered the outcome of one of the most closely watched free agency decisions in recent NBA history remains, by the account of James’ own camp, a fundamentally unanswerable question, one now left to speculation as both James and the Lakers move forward along separate paths this coming season.

Operator

Good morning, and welcome to Digi Power X, Inc.’s Second Quarter 2026 Financial Results Conference Call. Please note that this event is being recorded, and a transcript will be available on Digi Power X, Inc.’s website. [Operator Instructions] Unless noted otherwise, all amounts referred to during the call are denominated in U.S. dollars.

Certain comments made during this call may include forward-looking statements or forward-looking information within the meaning of applicable U.S. and Canadian securities laws. Such statements and information reflect current expectations and as such, are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations.

Those risks and uncertainties include, but are not limited to, factors discussed in Digi Power X, Inc.’s report on Form 10-Q for the 3 and 6 months ended June 30, 2026, and the annual report for the year ended December 31, 2025, as well as the company’s other disclosure documents. Except to the extent required by applicable law, Digi Power X undertakes no obligation to publicly update or review any forward-looking statements or information.

During the call, management may make reference to certain non-GAAP financial measures that are not separately defined under GAAP, such as EBITDA and adjusted EBITDA. Management believes that those non-GAAP measures, when considered in conjunction with GAAP financial measures, provide useful information for both management and investors. Reconciliations between GAAP and non-GAAP measures are presented in the tables accompanying the press release highlighting Digi Power X financial results as of the quarter ended June 30, 2026, have been filed and made accessible under the company’s continuous disclosure profile on SEDAR+ at www.sedarplus.ca and are also available on the SEC’s EDGAR website at www.sec.gov/edgar.

Dame Amanda Blanc said kite flying ahead of John Healey’s maiden budget would not be helpful

The boss of insurer Aviva has urged the new Chancellor not to “fly kites” with prospective policies ahead of the October budget after last year’s speculation around pension changes

Chief executive Dame Amanda Blanc, who was born and brought up in Treherbert, said widespread rumours that the UK Government might cut or restrict the 25% tax-free pension lump sum ahead of the autumn budget in 2025 led to a surge in early withdrawals.

She revealed she made the plea to clamp down on pre-budget policy speculation directly with Chancellor John Healey at a recent event to avoid policyholders making rash decisions with long-term consequences.

Dame Amanda said she wants the government “to not fly kites” ahead of the Budget on October 28.

She said: “We do not want to see new things every week in the press around what might happen in the run-up to the budget.

“That is not very helpful, because what we do not want is for customers to make decisions that they will regret in the long run when policies are not changed.”

She said the group saw a “significant” amount of money withdrawn from pensions due to the worries over impending tax-free lump sum changes, with former chancellor Rachel Reeves ultimately not altering the rules at least autumn’s fiscal event.

“Customers would have been better to wait and see what the Government was going to do,” said Dame Amanda.

“Once you’ve made the decision to take your tax-free lump sum, you cannot reverse the decision.”

She said Mr Healey had made the commitment in person to her at the recent event not to pre-brief on possible policy changes ahead of the Budget.

She also backed wider industry calls for the Government not to alter the tax-free lump sum allowances.

“We would definitely concur that it’s something that shouldn’t be touched,” she said.

She added the government should be “encouraging people to save into their pension” and not “double-taxing people”.

A Treasury spokesperson said: “The Chancellor is fully focused on his priorities, to boost business, help with the cost of living and support people in every postcode.

“As has always been the case, the Chancellor will set out decisions at fiscal events, rather than routinely commenting on rumour, speculation or proposals.”

Aviva’s budget plea came as the firm reported better than expected half-year earnings and cheered action to “quickly” improve profitability at Direct Line since buying the firm in a £3.7 billion deal.

The group posted a 24% surge in operating profits to £1.33 billion for the six months to June 30.

It said the firm had already started to turn around the performance at Direct Line following the acquisition in July last year, boosting price comparison website sales.

Dame Amanda said: “We are making very good progress with the integration of Direct Line. We have quickly improved Direct Line’s profitability, grown price comparison website sales and maintained excellent levels of customer service.

“We are well on track to deliver all the financial benefits of the acquisition.”

Aviva revealed in November last year it was doubling aims for cost savings following the Direct Line deal, having met the £100m original cost-saving target ahead of plan.

The FTSE 100 firm now expects to strip out £225m in costs by 2028 following the deal, though it said at the time this was not set to involve further job cuts, with Aviva having already signalled last December that up to 2,300 jobs could go under the cost-cutting plans.

The results showed on a bottom line basis, interim profits nearly halved to £418m from £819m a year earlier due to a hit from hedging for interest rate and equity exposures, as well as Direct Line integration and restructuring costs.

Aviva also lowered the outlook for its health division, saying it now expects the division to deliver full-year operating profit of £90 million compared with its previous guidance for around £100m.

This is due to “slowing market growth” in consumer and small business markets, according to Aviva.