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SpaceX hit by surging AI costs as insiders prepare to sell their shares
For a rocket company, SpaceX is spending a lot of money to build out its AI capacities. Too much, according to investors. The company reported revenues and earnings in its first-ever quarterly update as a public company that the surpassed analysts’ expectations. Most of its revenues came from its Starlink satellite offering. But investor focus turned to capital expenditures related to its xAI unit, which runs the Grok AI service.