SpaceX’s Q2 capital expenditures more than doubled sales, spooking investors despite executives’ claims of sub-one-year payback on AI spending.
SpaceX reported second-quarter revenue surged 92% year-over-year, exceeding estimates, but capital expenditures soared to $18.4 billion, over six times the prior period. The figure nearly doubled quarterly sales and surpassed the $13.22 billion analyst estimate, with more than 80% allocated to AI infrastructure to compete with cloud giants like Microsoft and Google.
The company’s CFO, Bret Johnsen, defended the spending, stating AI compute investments yield less than a one-year payback. However, the disclosure failed to reassure investors, as shares fell 7.5% after hours, erasing earlier gains and leaving the stock 20% below its June 12 IPO price.
The earnings report marked SpaceX’s first since its public debut, highlighting a disconnect between rapid revenue growth and aggressive AI-driven capex. Analysts had anticipated elevated spending but not at the scale disclosed, raising concerns about long-term profitability.