SpaceX (SPCX) is becoming an AI giant faster than expected — it is also spending like one.
The company’s first quarterly report as a public company showed its AI business growing rapidly and swinging to an adjusted profit. But SpaceX spent nearly $16 billion on AI infrastructure during the quarter — more than six times the segment’s revenue.
Space stock fell more than 10% in premarket trading.
That advances a shift visible before the IPO. SpaceX entered the public market with a rocket company reputation, but its own filings pointed investors toward AI.
AI revenue more than tripled from the first quarter to $2.6 billion. Adjusted EBITDA swung from a $609 million loss to a $1.1 billion profit.
Adjusted EBITDA strips out depreciation, stock compensation, and several other expenses. It can show whether an operation is…
