SpaceX's AI Splurge Puts a Damper on Debut Earnings After IPO

SpaceX’s stock fell after it disclosed higher-than-expected spending on its artificial intelligence business, overshadowing an inaugural quarterly report that broadly surpassed Wall Street forecasts. Shares of Elon Musk’s rocket, satellite and AI conglomerate tumbled roughly 7% in US postmarket trading after it said capital spending jumped to about $18.4 billion in the second quarter. “We expect the cadence of AI development to improve dramatically,” Musk told analysts on a conference call. SpaceX topped estimates for revenue and AI losses and executives fleshed out ambitious plans to use its Starlink network to compete directly with the largest US mobile phone ...