The SpaceX stock (SPCX) price has continued to stay in the red, falling more than 11% in the pre-market trading session today. The dip comes despite the firm reporting its first earnings results, which exceed Wall Street estimates, sparking discussions among traders.

Notably, it seems that the investors’ concerns stem from the huge AI spending plans of Elon Musk’s space technology firm. In addition, a renowned analyst has also cut its price target for the SPCX stock, which has further weighed on the market sentiment.

Analyst Cuts SpaceX Stock Price Target Despite Strong Earnings

SpaceX entered the spotlight after posting its first earnings report as a listed company. The company has reported quarterly revenue of $7.8 billion,…