SpaceX shares sink to fresh low as AI capex spikes in Q2

SpaceX reported its first earnings as a public company with Q2 revenue of $7.8B and adjusted EBITDA of $3.5B, but capital expenditures jumped to $18.37B, including about $15.8B of AI-related spending—well above expectations and raising questions about returns. JPMorgan flagged potential capex near $200B in 2027–28 even as Elon Musk touted an annual revenue run rate around $100B; Starlink subscriber count surpassed 12M, and SpaceX unveiled a Nvidia-backed AI compute partnership to boost satellite data processing to 250 kW. With a looming insider-lockup potentially adding selling pressure, the stock slid roughly 13.6% to a fresh all-time closing low.