Elon Musk’s SpaceX spent an eye-watering $18.4 billion in its first quarter as a publicly traded company and warned investors to expect similarly high spending in the next two financial quarters, sending the stock price down more than 8% in late trading on Tuesday evening. A whopping $15.8 billion of that spending was to power its artificial intelligence efforts, a division that ended the quarter with a $1.3 billion net operating loss. The figure comes from the company’s first earnings report since the record-setting initial public offering hit the market in mid-June. Although the IPO was surely an amazing day for Musk, who briefly became the world’s first trillionaire, things have not been all peachy since then, with the stock price currently well below its IPO price. As of last week, the company’s stock was so far down from its IPO highs that the value it shed was roughly equal to Musk’s other company, Tesla’s, market capitalization. Tuesday’s stock sales are unlikely to help that scenario, and neither is the fact that the company’s first lockup period ends on Thursday, meaning some company insiders will be able to sell more than $100 billion worth of stock for the first time since SpaceX went public. To ease some of those worries, Musk promised dramatic AI advancements. “Our rate of growth certainly is faster than anyone else, and our efficiency of compute deployment I think is also the highest,” Musk claimed. “So we expect to end this year with over two gigawatts of compute, and probably our cumulative compute online by the end of next year will be several times higher.”