Elon Musk’s SpaceX (NASDAQ:SPCX) beat revenue estimates in its first earnings report as a public company, but one veteran analyst says the rocket maker is quietly turning into something else: a landlord for other people’s AI compute.
Shares tumbled as much as 11% in postmarket trading Tuesday after the company disclosed roughly $18.4 billion in second-quarter capital spending, overshadowing revenue of $7.8 billion that topped the $6.81 billion analysts expected.
