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00:02SpaceX executives defended the company's higher-than-expected AI spending, according to CNBC.
00:09Investors remained unconvinced as shares fell after capital expenditures surged more than
00:14six-fold to $18.4 billion, even as second-quarter revenue rose 92%.
00:19SpaceX directed more than 80% of its capital expenditures toward AI as it sought to catch
00:25leading model developers and compete with major cloud providers by selling computing capacity.
00:31CFO Brett Johnson said the company's AI computing investments are converting into revenue quickly
00:36enough to deliver payback in less than one year.
00:39CEO Elon Musk said SpaceX is certain to reach $100 billion in annualized recurring revenue
00:44by December 2026, even if the company basically did nothing.
00:48SpaceX's AI business reported a $1.26 billion operating loss on $2.56 billion in second-quarter
00:55revenue, improving from a $2.47 billion loss on $818 million in revenue in the first quarter.
01:02For all things money, visit Benzinga.com.
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