SpaceX's stock has lost half its value as its first public earnings reveal losses that already exceed the company's total losses for all of 2025. The financial disclosure arrives as a share lockup expiration approaches, adding pressure on Elon Musk to face investors. In a separate development, an analysis of the last seven years of Tesla earnings calls shows Musk spends half his time discussing robots and artificial intelligence, while giving little attention to Tesla's core car business. Together, the two reports paint a picture of Musk directing much of his energy toward futuristic ventures even as SpaceX faces a difficult public-market debut and Tesla shareholders seek more focus on automotive performance.