SpaceX stock slides as AI capex surges in Q2

SpaceX reported its first quarter as a public company with $7.8B in revenue and $3.5B adjusted EBITDA, but its AI-related capex exploded to $15.8B in Q2 (up from $7.7B in Q1) as total capex reached $18.37B, raising questions about cash flow despite a rising ARR Musk has touted near $100B. The company teamed with Nvidia to design its AI-1 payload to boost datacenter-grade compute and named Nvidia as the exclusive supplier for its AI chip needs, while Starlink subscribers topped 12 million and EBITDA hit $2.60B. With a looming insider lockup expiration and a share-price drop of about 10%, investors weigh whether the AI rollout justifies the heavy spend.