Starlink · SpaceX · Elon Musk · Google · Anthropic · BBC Technology
SpaceX shares sink after first earnings report rolls out major AI spending gears up
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Shares in Elon Musk's SpaceX tumbled after the company's first-ever earnings report revealed a huge jump in spending on artificial intelligence, spooking investors.
Key facts
- While the firm's quarterly revenue had nearly doubled to $7.8bn (£5.8bn) from a year earlier, its spending ballooned to $18.3bn, more than six times what it was a year ago, the bulk
- SpaceX's AI business also lost $1.2bn during the quarter, on revenue of $2.5bn
- Making rockets is SpaceX's core business, but the company's space segment showed a $542m net loss against $962m in revenue for the second quarter
- Overall SpaceX made a net loss of $143m in the three months to June, and a loss of $2bn during the first six months of the year
Summary
While the firm's quarterly revenue had nearly doubled to $7.8bn (£5.8bn) from a year earlier, its spending ballooned to $18.3bn, more than six times what it was a year ago, the bulk of which was for AI. The firm builds space rockets and Starlink internet satellites as well as owning the social media platform X. Overall SpaceX made a net loss of $143m in the three months to June, and a loss of $2bn during the first six months of the year. However, Musk cited Starlink, the one part of the company that is currently making a profit, bringing in $1.6bn in the second quarter.