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SpaceX Shares Slide as Heavy AI Spending Plans Overshadow Strong Debut Earnings

Vidgetc VidgetcAuthor
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SpaceX reported better-than-expected first-quarter earnings on Tuesday, with revenue of $7.8 billion, up 92% year over year, and a net loss of about $541 million, far narrower than analysts had forecast. However, shares fell 10% in early trading Wednesday after the company revealed nearly $16 billion in capital expenditures on AI, double the previous quarter and above Wall Street expectations.

CEO Elon Musk's plans to position SpaceX as a data center developer spooked investors. SpaceX said spending would remain at current levels for at least two more quarters.

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