Wall Street zeroes in on Musk’s AI outlays as SpaceX readies first post-IPO earnings

SpaceX’s first earnings release since its June IPO will test whether Starlink’s cash engine can shoulder Elon Musk’s ambitious push into artificial intelligence and deep space. Analysts project AI revenue to nearly triple to $2.33 billion in the June quarter, with Starlink growth accelerating to 52.6%, even as total capital spending is expected to approach $14.05 billion, including about $10.2 billion for AI alone. Shares have retreated from the company’s roughly $86 billion listing amid questions over a valuation near 77 times expected revenue, and the looming Aug. 6 lock-up expiry could add pressure. Investors will scrutinize Musk’s commentary on funding plans, Starship’s roadmap, and any hints on a potential Tesla tie-up, despite his dismissal of recent merger chatter. “Starlink is executing beautifully, but it cannot single-handedly fund a $30 billion annualized AI capex program,” said GraniteShares CEO Will Rhind.

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