SpaceX stock sinks after first ever earnings revealed big AI spending plans

SpaceX shares tumble 9% after first earnings report reveals massive AI spending SpaceX shares fell sharply on Wednesday, August 5, after the company’s first-ever public earnings report revealed a massive surge in artificial intelligence spending that spooked investors.

SpaceX touted faster-than-expected returns from its AI spending on its first-ever earnings call as a public company, but investors remained concerned about long-term investments.

SpaceX reported a strong debut quarterly performance as a public company, with revenue surging 92% year-on-year to $7.8 billion in the April–June quarter, driven by robust growth in its Starlink and AI businesses. Despite the strong earnings, the stock fell in after-hours…