SpaceX shares slide after debut earnings reveal massive AI spending plans

SpaceX reported stronger-than-expected quarterly results on Tuesday, with revenue of $7.8 billion against forecasts of $6.82 billion and a net loss of about $541 million, far narrower than the $2.12 billion analysts had expected. However, shares fell 10 percent in early trading on Wednesday after the company disclosed almost $16 billion in capital expenditures on AI—double the prior quarter and above Wall Street estimates. SpaceX said it expects to maintain that level of spending for at least two more quarters, as Elon Musk pushes to position the company as a data center developer.