SpaceX dives 10% after AI spending surge rattles investors

A live feed shows SpaceX CEO Elon Musk on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite, in New York City, U.S., June 12, 2026. Jeenah Moon | ReutersSpaceX shares plunged on Wednesday after a surge in AI spending rattled investors and clouded an otherwise expectation-beating quarter.The stock was down over 10% in premarket trading. 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 towards AI.The company's stock closed at just over $125 on Tuesday, sitting below its $135 IPO price. It is well off its more than $200 all-time high that was hit shortly after its listing. Stock Chart IconStock chart iconSpaceX shares over the past five days.Investors have been on edge this earnings season as concerns rise about whether large tech companies can prove their multibillion-dollar investments are yielding returns. While SpaceX's own models are seen as behind OpenAI and Anthropic, the company is positioning itself as an alternative cloud player by renting ou...