SpaceX shares drop after debut earnings report reveals heavy AI spending

SpaceX beat expectations in its debut earnings report on Tuesday, posting quarterly revenue of $7.8 billion—up 92% from a year earlier—and a net loss of about $541 million, much better than the $2.12 billion loss analysts had expected. But shares tumbled 10% in early trading Wednesday after the company disclosed capital expenditures of nearly $16 billion on AI, double the previous quarter and above Wall Street forecasts. SpaceX said it would maintain that spending level for at least two more quarters, alarming investors who are wary of Elon Musk's plan to turn the company into a major data center developer.