SpaceX shares slide despite AI returns on first earnings call

SpaceX touted faster-than-expected returns from its AI spending on its first earnings call as a public company, but shares fell 9% in premarket trading as investors worried about the sustainability of heavy investment. The company spent $18.4 billion on capital expenditures in Q2, including $15.8 billion on AI infrastructure, and signed $6.7 billion in additional cloud contracts. Executives expect compute capacity to exceed two gigawatts by year-end, but the AI business remains loss-making on an operating basis.