SpaceX shares fell 13.6% after the company announced its first financial report as a publicly listed company.
Although its financial performance exceeded analysts' expectations, investors still sold shares due to concerns about the company's sudden increase in spending on artificial intelligence (AI) technology development.
In the report, SpaceX announced that capital expenditure increased sixfold to US$18.4 billion in the second quarter of this year.
Most of the amount was used to build AI infrastructure, including data centers and the purchase of high-performance chips from Nvidia.
The move is aimed at strengthening SpaceX's position in the cloud computing industry, thus offering AI computing capacity to customers.
Although the company has managed to reduce losses and expects revenue to continue to grow, investors are still cautious.
They want to see whether billions of dollars in AI investments can really turn a profit in a reasonable period of time.
Similar concerns are also faced by other technology companies that are now racing to invest in AI.
SpaceX Chief Financial Officer Bret Johnsen explained that the company is managing the expenses efficiently.
According to him, the investment in AI facilities is expected to be able to provide a return in less than a year.
Meanwhile, CEO Elon Musk is confident that SpaceX can reach annual revenue of US$1 trillion by 2030, earlier than the original target of 2031.
However, analysts believe that investors are still waiting for evidence that the strategy can generate sustainable profits.
In addition to the issue of AI spending, the market is also paying attention to the expiration of the “lock-up” period for insider shares in the company.
After the period ends, founders, executives and early investors are allowed to sell some of their holdings.
This situation could increase the supply of shares on the market and put additional pressure on SpaceX's share price in the short term.
