SpaceX shares plunge 13% after first earnings report

SpaceX shares fell more than 13 percent on Wednesday, a day after the company reported its first quarterly earnings as a public company. The stock closed at $108.10, down from $125.32, as investors reacted to a six-fold jump in capital expenditure to $18.37 billion, mostly for AI infrastructure. The selloff reflects broader tech investor concerns about AI spending returns, with SpaceX facing added scrutiny over its orbital data center plans. The stock faces further volatility as a post-IPO lock-up expires Thursday, releasing up to 911.5 million shares.