SpaceX's stock value fell by about 10% following the release of the company's first public financial report and the announcement of Elon Musk's high-cost plans to turn the space giant into an AI data center developer. Although the financial figures show a performance that exceeded the initial expectations of Wall Street analysts, the high volume of capital expenditures has concerned investors.
In its first quarterly earnings report, SpaceX recorded $7.8 billion in revenue, which is significantly higher than the market's forecast of $6.82 billion and represents a 92% year-over-year growth. The company's net loss was also reported at $541 million, showing a much better position than the analysts' forecast of a $2.12 billion loss.
However, what negatively impacted the market was the report of nearly $16 billion in capital expenditures in the AI sector—a figure that has doubled compared to the previous quarter and is far beyond Wall Street's expectations. According to SpaceX, this trend of heavy spending will continue with the same intensity for at least the next two fiscal quarters.