Massive investments in AI cast doubt on SpaceX's results

Washington / BarcelonaSpaceX, Elon Musk's company, has registered revenues of 7.8 billion dollars during the second quarter of this year, 92% more than during the same period last year. This Tuesday's announcement was widely expected by the markets, as it is the first earnings report as a publicly traded company. On June 12, the aerospace company made the leap to Wall Street on the Nasdaq under the ticker SPCX.

Despite the improvement in this second quarter, the company has registered a net loss of 5.488 billion dollars during the first half of 2026. Furthermore, capital expenditures reached 18.4 billion dollars. In other words, the results have been positive in this second quarter, but it is also in a phase where it still requires a lot of investment and it remains to be seen if there will be a return.

After the publication of the earnings report, the company's shares fell around 10% in after-hours trading. At the session's opening, investor fears were confirmed: the stock opened the day just above 111 dollars, well below the 125 it had reached at the close of Monday. During the day, the stock recovered; but past a quarter to five in the afternoon, it was still registering a drop of close to 8%, to 116 dollars.

The reason for this drop is partly due to investors' doubts about whether the company is really capable of converting expenses into profits, given the high level of investment required. Even more so when observing the objectives of the company's capital expenditures: of the 18.4 billion invested in the second quarter of the year, more than 15.8 billion were dedicated to trying to get the artificial intelligence business, xAI, off the ground, which is the main driver of losses for the period. SpaceX's AI unit registered a deficit of 1.260 billion dollars between April and June; a blow that anchored the profits of Starlink, the satellite connectivity segment, which rose to 1.660 billion. They also offset the improvement in the space business, which operated at a loss, although it reduced red figures to 542 million dollars.

More quarters of investment

During the press conference following the publication of the results, SpaceX's chief financial officer, Bret Johnsen, told analysts that investors should anticipate similar spending levels for the next two quarters. "You probably have to think that the next two quarters will be very similar to the current one," he stated. In fact, the company's own expectations go far beyond the next six months: by 2027, SpaceX aims to have operational AI data centers with an aggregated power of 10 GW; a goal that will require "tens of billions" in new capital expenditures, according to XTB analyst Manuel Pinto in a conversation with ARA. It should be recalled that the technology company's current available capacity is 1.4 GW.

The investor's lack of confidence in the future of Musk's company also has a political component. As Pinto recalls, public contracts are still "a relevant part" of SpaceX's revenue, in segments as significant as connectivity or defense applications. In fact, according to financial statements, during the last quarter they were awarded multi-year public contracts worth 6 billion dollars for their high-security satellite network service for military uses, Starshield. For Pinto, the midterm elections, which will be held next November, are a factor of volatility in a company so politically aligned with the White House. "If the political line changes, revenue growth can change," the analyst warns.

The volatility that SpaceX has imposed on the US technology market also causes some investors to look askance at the entire AI market. This could negatively affect the stock market exits expected for next year by OpenAI and Anthropic, the creators of ChatGPT and Claude, respectively. For Pinto, the investment models of the big names in artificial intelligence are different enough from Musk's to survive this bad mood. "They depend more on the spending of hyperscalers like Microsoft, Google or Nvidia," he observes. Nevertheless, he recalls that the 135 dollars at which SpaceX valued its shares at the stock market exit were "very demanding"; and the negative movements of recent weeks may cause the rest of the sector to lower its expectations. "Perhaps it's a warning to sailors for OpenAI and Claude," reflects Pinto, who could go out at more moderate prices to avoid the jolts of their predecessor.

"Out of this world"

The doubts generated by SpaceX's accounts in the first half of the year have been countered by Palantir, the controversial technology company co-founded by the ultraconservative magnate Peter Thiel, one of the corporate architects of the far-right in the digital environments of the United States. The company, focused on massive data analytics and named after the orb used by the wizard Saruman in The Lord of the Rings, reported on Tuesday an increase in revenue of more than 90% year-on-year, reaching nearly $2 billion.

The company's also controversial CEO, Alex Karp – who joked about "spraying critical analysts with urine mixed with fentanyl" early last year – described the company's accounts as "out of this world." Among other businesses, Palantir provides the U.S. government with the data management platforms used for its anti-immigration policies, with direct collaborations with the notorious ICE agency. According to quarterly accounts, revenue from agreements with Washington reportedly grew by 90% year-on-year, exceeding $800 million. Commercial revenue in the country, on the other hand, soared by 149% compared to the same period in 2025, reaching $764 million.

The figures communicated by the company, unlike in the case of SpaceX, have served to spur investors: following the announcement, Palantir's shares soared by more than 30% on Tuesday, from $125 at which it closed the previous trading day to $162 per share. It should be noted that, after hours, the euphoria has moderated slightly: with the market closed, the quotation has retreated, around 11 a.m., by 2.5%, to $158.