Shares of Space Exploration Technologies Corp. declined Thursday, giving back some of the recent gains that had pushed the stock back above its initial public offering price, as investors continued to digest the company's aggressive investments in artificial intelligence infrastructure and progress on its Starship program.

SpaceX stock fell $3.31, or 2.34%, to $137.98 in midday trading on the Nasdaq, according to market data as of 12:26 p.m. EDT on Aug. 14. The move followed a sharp rebound in recent sessions that lifted the shares above the $135 IPO price set in June, after an earlier post-earnings sell-off had driven them as low as about $105.

The company, which completed the largest IPO in history earlier this year, reported second-quarter results on Aug. 4 showing revenue of $7.8 billion, a 92% increase from $4.1 billion a year earlier. The figure exceeded analyst expectations. Net loss narrowed to $541 million from about $1 billion in the prior-year period, while adjusted EBITDA rose to $3.5 billion.

Connectivity, driven largely by the Starlink satellite internet service, generated $4.3 billion in revenue. The AI segment contributed $2.56 billion, reflecting rapid growth from cloud computing contracts. Space segment revenue stood lower as the company continued heavy development spending. SpaceX........

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