SpaceX Reports $7.8B Q2 Revenue, 92% Growth, But Stock Falls on AI Spending

SpaceX's earnings reveal a strategic pivot toward AI infrastructure investment that materially reshapes capital allocation and cash burn: $28.5 billion in first-half capex (versus $7 billion prior year) is planned to expand compute capacity from 1.4 GW to ~10 GW by end-2027—comparable to New York City peak summer demand. This spending trajectory directly affects near-term profitability, cash runway, and investor returns. The 900+ million-share lockup expiration simultaneously increases tradeable float by over 100%, potentially enabling ~$100 billion in existing shareholdings to reach public markets. Together, elevated capex guidance and share dilution create measurable pressure on per-share valuation and earnings per share through 2027.