SpaceX (SPAC) Stock Drops 7% After $18.4 Billion AI Spending Surge

SpaceX (SPAC) shares fell 7% on Wednesday after its first earnings report as a public company revealed capital expenditures surged sixfold to $18.4 billion in Q2, primarily due to AI investments. The stock closed just over $125, below its IPO price of $135, and significantly lower than its all-time high of over $200 following its June 12 trading debut. Despite narrowing losses and promising $1 trillion in annual revenue by 2030, investor concerns about high spending persist. Additionally, the upcoming expiration of insider lockups could impact future stock performance.