SpaceX Burned More in One Quarter Than Most Companies Spend in a Decade

SpaceX just filed its first earnings as a public company. Revenue beat expectations at $6.93 billion for Q2. Good news ends there. CNBC

Capital spending hit $18.4 billion in a single quarter. Most of it — $15.8 billion — went to AI infrastructure via xAI, which posted a $1.26 billion operating loss. Since the record-breaking $135-per-share IPO on June 12, shares are down 24%. Bloomberg

On the earnings call, Musk told analysts: “We expect the cadence of AI development to improve dramatically.” Engadget

Starlink remains the cash engine. AI remains the furnace. The largest IPO in history raised $86 billion. At the current burn rate, SpaceX will spend more than that on infrastructure this year alone.