SpaceX reports first post-IPO earnings as AI spending rattles Wall Street

SpaceX reported higher revenue in its first earnings report since its initial public offering, addressing Wall Street analysts for the first time as a listed company. The company's satellite internet unit, Starlink, along with its growing artificial intelligence business, helped drive the revenue increase, according to the earnings release.

The results also showed sharply higher spending, most of it tied to artificial intelligence infrastructure, which unsettled some investors on the earnings call. Executives told analysts the heavy AI investment was expected to generate returns within a year, seeking to reassure Wall Street that the spending was not open-ended.

Chief executive Elon Musk said on the call that people were "underestimating" SpaceX, pointing to the company's expanding satellite and AI operations. The debut earnings report arrives shortly before a lockup expiry that will allow more SpaceX shares to trade freely, a moment analysts say will offer the next real test of investor demand for the stock.