SpaceX invested heavily in AI during the second quarter, with capital expenditures exceeding $18.4 billion, more than double quarterly sales. The stock fell 7.5% after hours, wiping out earlier gains and leaving shares over 20% below the June 12 opening price. Executives claim cloud deals with Google, Anthropic and Reflection AI deliver payback in under a year, with Elon Musk targeting $100 billion in annualized recurring revenue by year-end. The AI unit posted a $1.26 billion operating loss on $2.56 billion in revenue for the quarter, and set aside a $354 million litigation accrual related to environmental concerns at its data centers.
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