SpaceX shares plummeted in after-hours trading after it unveiled its first set of quarterly results since its blockbuster float.
The rocket firm led by Elon Musk reported a near-doubling of revenues to $7.8billion between April and June, up 92 per cent from $4.1billion a year earlier.
Shares initially rose by as much as 8 per cent after quarterly revenues beat Wall Street forecasts of $6.8billion, while a net loss of $541million was better than analysts had expected.
However, concerns over spending on artificial intelligence – which jumped from $10billion to $18.4billion between the first and second quarters – saw shares plunge in after-hours trading.
SpaceX said spending would remain at current levels for at least two more quarters.
