SpaceX shares sank 13.6% on Wednesday after a surge in artificial intelligence spending rattled investors and clouded an otherwise expectation-beating quarter.
In SpaceX’s first earnings report as a public company on Tuesday, Elon Musk‘s space firm said its capital expenditures jumped sixfold to $18.4 billion in the second quarter. This figure was ahead of analyst expectations, with the majority of the spending going toward AI.
The company’s stock closed at just over $125 on Tuesday, sitting below its $135 initial public offering price. It is well off its more than $200 all-time high that was hit shortly after it began trading on June 12.
SpaceX shares over the past five days.
Investors have been on edge…
