SpaceX Stock Drops After First Earnings Call as Musk Fails to Woo Investors With AI Goals
SpaceX stock fell over 8% following its first earnings report as a public company, which revealed significant losses driven by heavy investment in artificial intelligence. Elon Musk defended the spending, emphasizing the company's aggressive compute deployment and future AI infrastructure goals.
Elon Musk’s SpaceX spent an eye-watering $18.4 billion in its first quarter as a publicly traded company and warned investors to expect similarly high spending in the next two financial quarters, sending the stock price down more than 8% in late trading on Tuesday evening. A whopping $15.8 billion of that spending was to power its artificial intelligence efforts, a division that ended the quarter with a $1.3 billion net operating loss.
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