SpaceX shares fell as much as 11% in overnight trading despite the company delivering an earnings beat on Tuesday.

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 first earnings report as a public company blew past expectations. But it continued to burn through cash in pursuit of CEO Elon Musk’s vision for an AI-powered,…