SpaceX shares fell more than 13 percent on Tuesday after the company delivered its first earnings report since going public in mid-June. Investors were spooked by the company's heavy investments, particularly in artificial intelligence.
During its first-ever earnings call as a public company, SpaceX touted faster-than-expected returns from its AI spending. But investors remained concerned about the long-term costs, sending the stock down sharply.
The selloff came as the company outlined big AI spending plans, which appeared to outweigh the positive returns it highlighted. The report marks a significant milestone for SpaceX, which listed its shares on the stock market only weeks ago.