SpaceX posted stronger-than-expected revenue in its first results as a public company, but heavy AI-related spending and another quarterly loss left investors unimpressed, sending shares down roughly 10% in pre-market trading. The results highlight the strain many tech firms face as they pour vast sums into AI infrastructure, with Starlink connectivity remaining SpaceX's only profitable segment even as its AI business grows rapidly.

Total revenue for the quarter ended 30 June reached $7.8 billion, up from $4.7 billion the previous quarter, with connectivity revenue rising to $4.3 billion and AI revenue climbing to $2.6 billion. Capital expenditure jumped to $18.4 billion, of which $15.8 billion went on AI infrastructure, though AI operating losses narrowed to $1.3 billion from $2.5 billion. Elon Musk struck an ambitious tone on the investor call, predicting Starlink could eventually deliver "a majority of the world's internet" and targeting a 2028 Moon landing, while also outlining plans for upcoming Starship flights, including satellite deployment and booster-catching attempts. Shares fell to $110.95, well below the $135 IPO price and less than half their $225.64 peak.