SpaceX stock falls 11% as AI spending hits $15.8B

SpaceX stock fell as much as 11% on Wednesday after record AI investment, and an approaching share unlock overshadowed the company’s stronger-than-expected second-quarter revenue. Summary SpaceX generated $7.8 billion in Q2 revenue, up 92% from a year earlier. AI-related capital expenditure jumped to $15.8 billion, compared with $749 million a year ago. Piper Sandler cut its SPCX price target to $140 from $156 while retaining a Neutral rating. SPCX faces further pressure as its tradable share count could rise by more than 140%. SpaceX revenue beats Wall Street estimates SpaceX reported $7.8 billion in second-quarter revenue, exceeding Wall Street’s estimate of about $6.8 billion. Revenue rose 92% from $4.1 billion in the same period last year, marking a strong first earnings report since the company’s June Nasdaq debut. Starlink remained the company’s main financial engine. Revenue from the satellite connectivity business rose 66%, while SpaceX’s AI revenue increased by about 250% from a year earlier. The company’s total operating loss narrowed to $143 million from $970 million, according to Reuters. However, investors focused on how much SpaceX spent to generate that growth. Total...