Following its highly anticipated June public listing, SpaceX has released its first quarterly report, revealing revenue that outpaced Wall Street forecasts. The conglomerate led by Elon Musk, which spans satellites, space exploration, and artificial intelligence, posted $78 billion in revenue for the quarter. This figure exceeded the average analyst estimate of $68.1 billion compiled by Bloomberg.

However, the market's focus quickly shifted to a significant jump in spending. Driven by higher-than-expected costs in its artificial intelligence division, the company's capital expenditure for the second quarter surged to approximately $184 billion, up from $101 billion in the first three months of the year.

In response, SpaceX shares fell sharply in after-hours trading, dropping as much as 8.5%. This downturn followed a strong regular trading session on Tuesday, where the stock had climbed nearly 10%, marking its best performance since the June listing.

The release of this eagerly awaited report comes after a volatile period for SpaceX stock since its massive $86 billion fundraising. The shares experienced a significant decline amid post-IPO turbulence and a global sell-off in the AI sector. This rout saw the company's market capitalization erode by over $1 trillion from its peak and cost Elon Musk his position as the world's richest person.