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SpaceX shares fall after higher-than-expected AI data center capex
SpaceX said spending climbed to $28.5B, as investors questioned whether capex can outpace earnings from its AI business.
SpaceX is pursuing a future centered on space-based AI data centers, but its first post-IPO earnings report raised near-term concerns among investors about spending levels on AI infrastructure, according to Bisnow.
The company reported higher-than-expected capital expenditures as it pushes its AI ambitions via its former xAI unit, now competing for influence in the AI buildout against model builders such as OpenAI and Anthropic and compute providers including CoreWeave.
Bisnow noted Wall Street is now assessing SpaceX with the same standards applied to other AI infrastructure heavyweights, focusing on whether the company can turn large, fast-growing spending into a credible path to profitability.
Reuters quoted Drew Cupps, a portfolio manager at Polen Capital, saying the link between capex and revenue is unsustainable unless capex falls or revenue grows dramatically, a dynamic that helped drive SpaceX shares down by close to 13% after the earnings release.