SpaceX shares fall about 7% after first earnings report as a public company
Reuters reported that capital expenditures climbed to more than US$18bn from US$2.83bn a year earlier, well above the roughly US$13bn analysts had modelled, per CNN.
Almost all of it went to artificial intelligence, with SpaceX directing US$15.83bn into its xAI unit during the quarter, up from US$749m a year earlier.
Bret Johnsen, the company’s chief financial officer, said he expected similar spending over the next two quarters, and analysts cited by CNN see full-year capex topping US$45bn.
Per Reuters, the stock had risen about 9 percent during Tuesday’s session before reversing after hours.
AP reported that investors are also positioning for a lock-up expiry beginning Thursday, when more than 900m shares become eligible to trade, more than doubling the freely traded float.
