Elon Musk Unveils "Insane" Moon Robot Plan, SpaceX Aims for $1 Trillion in Revenue, But First Financial Report Questioned Due to Massive Capex

August 5th, SpaceX released its first quarterly earnings report after going public. Although the company's second-quarter revenue reached $7.8 billion, exceeding market expectations, the SpaceX stock price fell over 5% in after-hours trading due to AI infrastructure capital expenditures far exceeding expectations.

The report showed that SpaceX's second-quarter capital expenditure reached $18.369 billion, with approximately $16 billion invested in AI computing infrastructure construction, significantly higher than the analyst's expected $13.2 billion. The market is concerned that the current scale of AI investment by the company may suppress cash flow returns in the short term.

SpaceX CEO Elon Musk maintained aggressive growth expectations during the earnings call, stating that the company's goal of achieving $1 trillion in annual revenue could be advanced to 2030, or even "not ruling out achieving it by 2029." Previously, SpaceX had projected this goal to be achieved by 2031.

Musk stated that the market severely underestimated Starlink's potential and that in less than 10 years, Starlink is expected to provide primary global Internet service in most operable countries.

In terms of long-term planning, Musk proposed a concept of using lunar robots to expand manufacturing capabilities. He stated that robots will build production facilities on the moon, and utilize solar power to drive large-scale industrial development. He acknowledged that this plan "sounds like science fiction" and even called it "crazy," but believes that it will eventually become a reality.

In terms of business data, SpaceX's second-quarter Starlink revenue reached $4.3 billion, a 66% year-on-year growth, with a user base of 12 million, adding 1.7 million new users in the quarter; AI business revenue reached $2.561 billion, a 247% year-on-year growth, mainly from cloud computing partnerships, Grok subscriptions, and X advertising business growth; rocket business revenue was $0.962 billion.

Furthermore, SpaceX stated that its current AI computing capacity has reached 1.4 gigawatts, up from 400 megawatts a year ago, and plans to continue using Nvidia AI chips. The company expects AI business's annualized revenue to reach $10 billion by December of this year.

Market analysis believes that SpaceX's future growth will rely on Starlink expansion, Starship commercialization, and AI infrastructure investment returns. If capital investment cannot be quickly converted into revenue growth, the company's trillion-dollar revenue goal will face greater challenges.