Doanh thu quý 2 của SpaceX vượt kỳ vọng, nhưng chi tiêu vốn vào AI gây lo ngại cho thị trường

The Huoxing Finance report states that 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 price fell more than 5% in after-hours trading due to AI infrastructure capital expenditures significantly surpassing forecasts. The earnings report showed that SpaceX’s second-quarter capital expenditures reached $18.369 billion, with approximately $16 billion allocated to AI computing infrastructure—clearly higher than analysts’ expectations of $13.2 billion. The market is concerned that the company’s current scale of AI investment may temporarily depress cash flow returns. During the earnings call, SpaceX CEO Elon Musk maintained an aggressive growth outlook, 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 projected this target would be reached by 2031. Musk stated that the market has severely underestimated the potential of Starlink, and within less than a decade, Starlink is expected to provide major internet services in most countries where it is permitted to operate. In terms of longer-term planning, Musk proposed the idea of expanding manufacturing capabilities using lunar robots. He said that in the future, robots will build production facilities on the Moon and leverage solar energy 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 reality. On the business data front, SpaceX’s Starlink revenue in the second quarter reached $4.3 billion, a 66% year-over-year increase, with user numbers growing to 12 million and 1.7 million new users added during the quarter. AI business revenue reached $2.561 billion, up 247% year-over-year, primarily driven by growth in cloud computing partnerships, Grok subscriptions, and X advertising. Rocket business revenue amounted to $962 million. Additionally, SpaceX stated that its current AI computing capacity 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 annualized revenue to reach $10 billion by December this year. Market analysts believe that SpaceX’s future growth will depend on Starlink expansion, Starship commercialization, and returns on AI infrastructure investment. If capital expenditures fail to rapidly translate into revenue growth, the company’s $1 trillion revenue target will face greater challenges.