ONE BIG THINGElon Musk delivers ‘totally nuts’ ‘super sci-fi’ ‘ridiculously profound’ plan for moon robots—and the stock tanks
They bought the rumor and sold the news: SpaceX shares rose 9.43% yesterday before the closing bell and then, overnight, declined 10.8% after Elon Musk delivered the company’s Q2 results in its first-ever post IPO earnings call. Traders were spooked by the company’s $18.4 billion in capex, way more than the $13.2 billion analysts had expected.
Revenue nearly doubled year-over-year to $7.8 billion, above expectations of $6.9 billion. The net loss declined by nearly half to $541 million, Fortune’s Amanda Gerut reports.
As is his custom, Musk offered a rose-colored outlook for the rocket-and-connectivity AI giant, proclaiming that SpaceX’s internal target for hitting $1 trillion in annual revenue had moved forward a full year since the IPO from 2031 to 2030, with a “non-zero chance” it hits the mark in 2029.
In the not-so-distant future, Musk said, his robots will be manufacturing on the moon. From there, moon-based robots will enable SpaceX to build a mass accelerator with solar production. Musk admitted it all sounded “totally nuts” and “it sounds super sci-fi right now, but it’s going to happen.”
