# SpaceX Beat the Estimates and the Shares Fell 13 Percent Anyway > The first quarterly report since June's listing showed capital spending running at six times last year's pace. Investors took roughly 90 billion dollars off Elon Musk's fortune in a day. - Source: Italian Insider - Canonical URL: https://italianinsider.net/en/article/spacex-shares-slide-musk-net-worth - Author: Giulia Bassani - Section: Business - Other edition: https://italianinsider.net/article/spacex-shares-slide-musk-net-worth - Published: 2026-08-06T09:20:00.000Z - Updated: 2026-08-06T09:20:00.000Z - Tags: SpaceX, Elon Musk, Markets, Artificial intelligence --- SpaceX shares dropped 13,6 percent on Wednesday to around 108 dollars, close to the record low of 104, in the first session after the rocket maker published its first quarterly accounts as a listed company. What unsettled the market was not the result but the spending behind it. The numbers themselves came in ahead. Tuesday's figures put quarterly revenue at 7,81 billion dollars against a Wall Street estimate of 6,9 billion, with a loss per share of 0,09 dollars where analysts had modelled 0,26, according to FactSet. The net loss narrowed from 1 billion dollars to 541 million. Then came the outlay. SpaceX spent 18,3 billion dollars in the second quarter, of which 15,8 billion went to artificial intelligence, against estimates of 13,2 billion. Capital expenditure reached 28,5 billion dollars over the first half of the year, six times the near 7 billion recorded a year earlier. Both Musk and chief financial officer Bret Johnsen spent the earnings call trying to settle nerves about that figure. Johnsen argued that not all capital spending is equal, particularly where artificial intelligence is concerned. Musk told shareholders the company plans to build artificial intelligence data centres in space, using Nvidia chips exclusively, and said SpaceX now expects to pass 1.000 billion dollars of revenue by 2030 and possibly by 2029, pulling that forward from a previous projection of 2031. The analyst response split along the same line the whole sector is splitting on. JPMorgan raised its price target from 225 to 240 dollars, crediting extreme vertical integration and an incredibly rapid rate of change in artificial intelligence, and suggested that an infrastructure ramp with better monetisation could take the company's revenue from artificial intelligence to 100 billion dollars in 2027. Wells Fargo went the other way, cutting its target from 230 to 215 on broader caution about spending across the sector. It noted that SpaceX had started with ambition and that revenue projections for 2027 and 2028 sit above expectations, which is also true of the capital expenditure estimates. Kathleen Brooks, research director at the brokerage XTB, put the problem to the Wall Street Journal in one line: what worries investors is how quickly the growth in spending is outpacing the growth in revenue. Morgan Stanley analysts wrote last month that a share price below 100 dollars would imply investors see no value at all in the artificial intelligence business, and that some already assign it zero or negative value while the company raises spending on space and connectivity into a broadly uncertain economy. By Forbes estimates the fall took 89,6 billion dollars off Musk's net worth, leaving it at 693,7 billion. His fortune had gained more than 57 billion in the run up to Tuesday's results, and even after Wednesday he remains far ahead of Google co founder Larry Page at 295 billion and Amazon's Jeff Bezos at 279 billion, second and third on the list. The stock has now lost more than half its value since the record high above 220 dollars on 16 June, the day Musk's wealth passed 1.450 billion. Little has pushed it back into positive territory, and even a successful Starship test flight last month was followed by a drop of almost 5 percent. A fragment of a SpaceX rocket that had been drifting in space for the past year probably struck the Moon in the early hours of Wednesday, according to the BBC, apparently near the Einstein crater on the far side from the Apollo 11 landing site, though the imagery has not been processed. Chris Beauchamp, chief market analyst at IG, told CNBC it was probably a fair metaphor for the share price. --- Originally published by Italian Insider. Free to cite with attribution and a link to https://italianinsider.net/en/article/spacex-shares-slide-musk-net-worth.