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Tesla CEO Elon Musk announces the "Terafab" project to produce Tesla's own AI chips at a power plant in Austin, Texas on the 21st (local time). / Screenshot from SpaceX's post on X (formerly Twitter)

Aerospace and AI company SpaceX revealed explosive growth in its first earnings release since going public. However, despite the strong results, shares fell as investor anxiety weighed on the stock.

According to Reuters, the Wall Street Journal, and other major outlets on the 4th (local time), SpaceX reported second-quarter revenue of $7.8 billion, up 92% from $4.1 billion in the same period last year. Operating loss narrowed sharply to $143 million, down from $970 million a year earlier.

The key driver of growth was satellite internet service Starlink. Starlink revenue reached $4.3 billion, accounting for more than half of total revenue and up 66% year-on-year. Subscriber numbers doubled to 12 million.

SpaceX said Starlink is serving as the company's financial engine as it rolls out cheaper pricing plans and expands into more overseas markets.

The AI business also grew significantly, with revenue from SpaceX subsidiary xAI reaching $2.6 billion, more than tripling year-on-year. This growth was driven partly by cloud contracts with Anthropic, Google, and open-source AI startup Reflection AI.

The space launch business also performed well, with revenue of $962 million, up 29% year-on-year. Last month, SpaceX signed a $1.6 billion launch contract with the U.S. Space Force and secured a $6.5 billion satellite contract. The deal with the Space Force is seen as having secured a stable revenue stream.

At the earnings presentation, SpaceX CEO Elon Musk set a target of reaching $1 trillion in revenue by 2030 — a year earlier than the company's previous 2031 target — expressing confidence based on the explosive growth potential of the Starlink and AI businesses. Musk also said the company plans to build a space-based data center by 2027.

SpaceX shares traded higher during regular trading on the day of the earnings release, but fell 8.5% from the pre-market closing price in after-hours trading following the investor presentation. This appears to reflect spreading investor anxiety after the company disclosed massive capital expenditure plans for AI infrastructure and data center expansion.

RBC Capital said both revenue and operating profit beat market expectations, which could boost investor confidence in the short term, but added that short-term volatility is unavoidable given the disclosure of large-scale capital spending plans.

Global finance and investment portal Investing.com noted that while the AI segment showed signs of shifting from a simple cash burner into a commercial engine, heavy investment burdens and reliance on specific customers remain risks.

                                                                                                            Park Jin-sook