SpaceX’s first report as a public company beat revenue expectations on the strength of Starlink, but investors zeroed in on surging AI bills. Capital expenditures tied to its xAI unit, which runs the Grok service, climbed to $15.8 billion—above the $13.09 billion consensus and roughly double the prior quarter—accounting for most of the firm’s $18.4 billion in quarterly capex. The stock, which had rallied into the print, fell more than 10% premarket, extending a slide that wiped out about $1 trillion in market value following a blockbuster June IPO, even as SpaceX still commands a valuation north of $1 trillion. A newly announced Nvidia partnership on a future satellite project buoyed sentiment for SpaceX but weighed on other chip and data-center names, while Starlink’s momentum pressured shares of wireless carriers and satellite rivals. Investor attention now shifts to a lockup expiration that could free insiders to sell up to 20% of their holdings, adding supply to a thin float; Elon Musk holds about 42% of shares. Speculation persists over a potential combination with Tesla, which could further consolidate Musk’s influence across his technology ventures.
Related articles:
Starlink
SpaceX
Grok (chatbot)
Nvidia
Viasat (American company)
