Elon Musk’s SpaceX saw its stock price tumble after the company released its quarterly earnings report, revealing that its revenue nearly doubled to $7.8 billion from the previous year. However, the spending spiked to a staggering $18.3 billion, more than six times what it was last year, with a significant portion allocated to artificial intelligence (AI) initiatives. The firm, known for building space rockets and Starlink internet satellites, as well as owning the social media platform X, began trading on the US stock market in June. However, on a grim Wednesday morning, its shares fell by 9%.
During an investor call following the earnings results, Musk pointed out that many seemed to be “underestimating” the potential of SpaceX’s emerging line of business, which involves selling the computing power necessary for AI projects to companies like Google and Anthropic. Currently, SpaceX boasts 1.4 gigawatts of such compute power ready for use, but Musk stated that by next year, the capacity should reach at least 10 gigawatts thanks to ongoing developments in their data centers.
Making rockets is indeed SpaceX’s core business, but its AI division also reported a loss of $1.2 billion during the quarter, despite generating $2.5 billion in revenue. Bret Johnson, head of finance for the company, mentioned during the call that capital spending would continue at a “very similar” pace on data centers. Musk’s assertion that investors were “underestimating” the strength of the AI business drew some skepticism, especially considering the mounting losses as spending increases. “Every tech giant is spending like this right now,” Musk added, but some analysts expressed caution regarding the growing risks associated with SpaceX and its business strategies.
Despite making headlines with the largest-ever public listing and briefly surpassing the market valuations of giants like Microsoft and Amazon, SpaceX has struggled to maintain investor enthusiasm. Since peaking at $176 in June, shares have been on a steady decline, consistently trading below its original debut price of $135 for the past several weeks. The market is clearly reacting, and investors are watching closely as Musk navigates this turbulent landscape.
What’s next for SpaceX as it juggles its ambitious AI spending while trying to boost its stock value? It’ll be interesting to see how this plays out…
Kaynak: Orijinal Haber