SpaceX shares sink after first earnings report reveals huge AI spending plans — SkimNews
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- SpaceX shares fell 9% on Wednesday after the company's first-ever earnings report showed quarterly spending ballooning to $18.3bn — more than six times year-ago levels and driven mostly by AI — even as revenue nearly doubled to $7.8bn
- The company posted a $143m net loss in Q2 and a $2bn loss across the first half of 2025, while its core space segment alone lost $542m against $962m in revenue
- Starlink was the only profitable unit at $1.6bn in Q2 revenue, which Musk said could eventually "operate most of the world's internet"
- SpaceX's AI compute business generated $2.5bn in Q2 revenue but lost $1.2bn, with current customers including Google and Anthropic
- Musk said SpaceX currently has 1.4 GW of AI compute capacity operational and plans to scale to at least 10 GW by next year through ongoing data center development, calling data centers "a trivial problem compared to making reusable rockets"
- Despite the losses, Musk pushed his revenue forecast to $1tn by 2030 — a year earlier than his prior projection — and told investors on the call that they were "underestimating" SpaceX
Why it matters: SpaceX's AI compute unit lost $1.2bn on $2.5bn in Q2 revenue while planning a sevenfold capacity jump to 10 GW, and the core space segment lost $542m — leaving Starlink's $1.6bn quarterly profit to carry both businesses. With shares already trading below the $135 debut price, public-market investors must now decide whether to bankroll Musk's AI infrastructure pivot.
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