BlockBeats news: On August 5, SpaceX released its first quarterly earnings report since going public. Although the company's second-quarter revenue reached $7.8 billion, exceeding market expectations, SpaceX's stock dropped more than 5% in after-hours trading due to AI infrastructure capital expenditures significantly surpassing forecasts.
The financial report showed that SpaceX's capital expenditures for the second quarter reached $18.369 billion, with approximately $16 billion allocated to AI computing infrastructure—significantly exceeding analysts' expectations of $13.2 billion. Markets are concerned that the company's current scale of AI investment may temporarily depress cash flow returns.
SpaceX CEO Elon Musk maintained aggressive growth expectations during the earnings call, stating that the company’s target of $1 trillion in annual revenue could be achieved as early as 2030, or even “not ruled out by 2029.” Previously, SpaceX had anticipated reaching this goal by 2031.
Musk stated that the market has significantly underestimated Starlink's potential, and within less than ten years, Starlink is expected to provide major internet services globally in most countries where it is permitted to operate.
In terms of long-term planning, Musk proposed the idea of expanding manufacturing capabilities using lunar robots. He stated that, in the future, robots will construct production facilities on the Moon and use solar power to drive large-scale industrialization. He acknowledged that this plan "sounds like science fiction" and even called it "crazy," but believes it will ultimately become a reality.
In terms of business data, SpaceX's Starlink revenue for the second quarter reached $4.3 billion, a 66% year-over-year increase, with user growth reaching 12 million, adding 1.7 million new users this quarter; AI business revenue reached $2.561 billion, a 247% year-over-year increase, primarily driven by growth in cloud computing partnerships, Grok subscriptions, and X advertising; rocket business revenue was $962 million.
In addition, SpaceX stated that its current AI computing power has reached 1.4 gigawatts, up from 400 megawatts a year ago, and plans to continue using NVIDIA AI chips. The company expects its AI business to reach an annualized revenue scale of $10 billion by December this year.
Market analysis suggests that SpaceX’s future growth will depend on the expansion of Starlink, the commercialization of Starship, and the return on investment in AI infrastructure. If capital investments fail to quickly translate into revenue growth, the company’s trillion-dollar revenue target will face greater challenges.