SpaceX first earnings report shows massive AI spending; stock tumbles despite revenue growth

SpaceX disclosed its inaugural results as a public company, revealing that quarterly revenue reached $7.8 billion in Q2, more than double the prior year, yet total spending skyrocketed to $18.3 billion, predominantly consumed by artificial intelligence. The AI business unit spent $1.2 billion while generating $2.5 billion in revenue, resulting in substantial losses for that segment. Market participants reacted negatively to the financial results, with shares declining 9 percent on Wednesday. CEO Elon Musk disclosed plans to expand the company's computational capacity for AI from its current 1.4 gigawatts to minimum 10 gigawatts within the next year, already serving clients including Google and Anthropic. Despite present losses, Musk projected that SpaceX will achieve $1 trillion in revenue by 2030.