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Elon Musk Projects $1T in SpaceX Revenue After Spending $16B on A.I. in 3 Months

Revenue nearly doubled and losses narrowed, but Wall Street punished SpaceX for pouring billions into xAI data centers and other capital-intensive bets.

After its historic IPO in June, Elon Musk’s SpaceX yesterday (Aug. 4) reported its first earnings as a public company. Revenue for the quarter ended June 30 came to $7.8 billion, up 92 percent year over year and ahead of estimates. Meanwhile, the net loss narrowed to $541 million from about $1 billion a year earlier, also better than expected. However, SpaceX shares fell about 8 percent in after-hours trading as investors worried about the company’s heavy spending on A.I. infrastructure.

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