SpaceX posted its first quarterly earnings report since going public, reporting a loss of 9 cents per share in Q2, beating the 26-cent loss expected by LSEG. Revenue came in at $7.81 billion, surpassing the consensus estimate of $6.93 billion. Despite the better-than-expected results, the stock tumbled more than 12% as AI spending soared to over $23 billion in the first six months, up from $3.3 billion in the year-earlier period. SpaceX forecasts it will exceed $100 billion in annual recurring revenue across all business segments by year-end, driven by cloud services and other verticals. Major Wall Street firms including Morgan Stanley, Bank of America, Goldman Sachs and JPMorgan maintain buy or overweight ratings with price targets ranging from $200 to $300.
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