SpaceX Shares Drop 10% After $18.4 Billion AI Spending Surge
Updated
Updated · CNBC · Aug 5
SpaceX Shares Drop 10% After $18.4 Billion AI Spending Surge
3 articles · Updated · CNBC · Aug 5
Summary
More than 10% of SpaceX's market value was wiped out in premarket trading after its first public earnings report showed second-quarter capital spending jumped sixfold to $18.4 billion.
That selloff came despite an expectation-beating quarter, with narrowed losses and Musk pulling forward his $1 trillion annual revenue target to 2030 from 2031.
Most of the spending is going into AI infrastructure, where SpaceX is building Nvidia-powered compute capacity to rent out as a cloud alternative even as its own models trail OpenAI and Anthropic.
CFO Bret Johnsen said the AI compute investments are being deployed efficiently, claiming less than a one-year payback, but investors remain focused on how quickly growth can offset rising costs.
Thursday's insider lock-up expiry could add another test for the stock, which closed just above $125 on Tuesday—below its $135 IPO price and far from its post-listing peak above $200.