SpaceX Tripled AI Compute Revenue and Fell 10%

SpaceX's first earnings report as a public company revealed that its neocloud division — which rents AI computing capacity to other companies — more than tripled revenue to $2.6 billion, with company-wide revenue up 92% year over year. The Verge's read: SpaceX made more revenue as an AI company than as a space company. The stock still fell as much as 10%, with capital spending up sixfold to $18.4 billion in a single quarter, almost entirely on AI infrastructure. We work through whether that drop reflects investors repricing AI infrastructure on cost rather than growth, or whether it's mostly mechanical pressure from a roughly $100 billion share unlock equal to about 1.4 times the free float — a question the hosts do not resolve. Note: the revenue and capex figures are not reported over i ...