SpaceX shares dropped more than 8% Wednesday after the company reported stronger-than-expected second quarter results, as investors raised concerns over its massive spending on artificial intelligence. The company generated $7.81 billion in second quarter revenue, up 92% year-over-year, but its capital expenditures reached $18.4 billion, with $15.8 billion directed toward artificial intelligence infrastructure. SpaceX raised approximately $85.7 billion through its June IPO, with quarterly capital expenditures already representing more than one-fifth of those proceeds. Analysts are concerned whether revenue from the developing AI business will grow quickly enough to support the company’s spending plans.
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