CEO Elon Musk expects SpaceX’s annual revenue to reach $1 trillion by 2030, one year earlier than previously forecast|@IridiumBoss|X

SpaceX beat expectations in its first earnings as a public company since its June debut, with second-quarter revenue climbing 92% from a year earlier.

All three of SpaceX’s business segments exceeded Wall Street’s second-quarter revenue estimates, according to StreetAccount:

But the stock declined in post-market trading after the results were released, with investors reacting to the company’s sizable expenditures.

SpaceX is making an aggressive push into artificial intelligence, investing billions of dollars to expand its infrastructure and data center business.

The company said its capital spending reached $18.4 billion in the latest quarter, with $15.8 billion dedicated to AI projects, double the amount spent in the previous quarter.

Musk expects annual revenue to reach $1 trillion by 2030, one year earlier than previously forecast.

Since its mid-June IPO, SpaceX’s stock has swung sharply, rising from its $135 debut to a peak of $225 before dropping to $108 last week. Shares recovered to close at $125.33 yesterday, then declined in after-hours trading.

Investors are also watching a wave of upcoming share unlocks. Starting tomorrow, early shareholders will be free to sell around 900 million shares worth more than $100 billion, increasing the tradable share count by more than twofold.

Meanwhile, Advanced Micro Devices (AMD) shares fell more than 8% on Tuesday, even after the company reported record quarterly sales. 

The decline came after Musk announced that the company would use only Nvidia chips for its future AI infrastructure, calling Nvidia’s Blackwell architecture the best choice.

AMD posted quarterly revenue of $11.5 billion, beating analysts’ expectations of $11.3 billion. Its data center business doubled revenue to a record $6.7 billion, accounting for 58% of total sales. Net income reached $2.3 billion, also exceeding Wall Street forecasts.