SpaceX Shares Slide as AI Spending Plans Overshadow Strong Earnings

SpaceX reported better-than-expected first-quarter earnings, with revenue of $7.8 billion and a net loss of $541 million, beating analyst forecasts. However, shares fell 10% after the company disclosed nearly $16 billion in capital expenditures on AI, double the previous quarter and above Wall Street expectations. Management said spending would remain at similar levels for at least two more quarters, raising concerns about Elon Musk's aggressive push into data center development.