SpaceX dives 10% after AI spending surge rattles investors
CNBC • • general
Key Points:
- SpaceX shares dropped over 10% in premarket trading following a surge in AI-related capital expenditures, despite the company reporting an otherwise strong quarterly earnings report.
- The company’s capital expenditures rose sixfold to $18.4 billion in Q2, primarily driven by investments in AI computing capacity using Nvidia chips, exceeding analyst expectations.
- SpaceX CFO Bret Johnsen emphasized efficient spending and highlighted a payback period of less than one year on AI compute investments, aiming to reassure investors.
- Elon Musk projected SpaceX’s annual revenue to reach $1 trillion by 2030, a year earlier than previously forecasted, although concerns remain about growth speed and profitability.
- Investor caution is heightened by the upcoming expiration of insider lock-ups, allowing insiders to sell shares, which could impact the stock price further.
