SpaceX Shares Sink 9% as First Earnings Report Reveals Ballooning AI Spending

3-line summary

• SpaceX shares fell 9% on Wednesday after its first earnings report as a public company showed spending ballooned to $18.3 billion, more than six times a year earlier, largely driven by AI, according to the report.
• Quarterly revenue nearly doubled year-over-year to $7.8 billion, but the company posted a net loss of $143 million for the quarter and $2 billion for the first half of the year.
• CEO Elon Musk said SpaceX's AI compute business, whose clients currently include Google and Anthropic, is expected to grow capacity from 1.4 gigawatts to at least 10 gigawatts by next year.

This summary is our own processing of the source article; see the source link below for full context.