SpaceX stock drops after first earnings report as AI costs soar: Live updates
Here's what's trending across India right now:
This is CNBC's live coverage of SpaceX's 2026 second-quarter earnings.
Adding to this, SpaceX reported better-than-expected revenue for the second quarter in the company's first earnings report since its record IPO in June. The stock dropped about 7% in extended trading as capital expenditures soared.
Meanwhile, Here's how the company did compared with analysts' estimates, according to LSEG
Notably, Revenue jumped 92% from $4.1 billion a year earlier, SpaceX shared in a note on Tuesday, while the company's net loss narrowed to $541 million from $1 billion.
As per the latest buzz, It's the first time for Elon Musk's reusable rocket maker to face Wall Street in this capacity, and investors are jittery. Since opening at $150 on June 12, SpaceX's stock has dropped by 16%, wiping out close to, as of Tuesday's close.
In further updates, SpaceX lost $4.9 billion last year, largely due to hefty investments in artificial intelligence infrastructure. The company merged with Musk's xAI in February, saying at the time that the vision was to build data centers in space. But even the launch business, which counts on large contracts from NASA, is losing money.
On top of that, Most of SpaceX's revenue for the year, and its only source of profit, came from its connectivity segment, which consists of its Starlink satellite internet service. Starlink is sold directly to consumers, as well as to government and military agencies.
Here's how SpaceX performed in its three segments in terms of revenue:
Source: CNBC