CEO Elon Musk said SpaceX would hit $1 trillion in annual revenue in 2030 versus a previous forecast of 2031 as he looked to strike an bullish tone.

On their first earnings call since SpaceX's June public offering, executives said the company is pouring funds into rocket development, Starlink satellites and AI.

SpaceX stock was dropping sharply on Wednesday, as a better-than-expected inaugural earnings report wasn't enough to ease investors' fears about the rocket company's…