SpaceX shares tank 10% as jaw-dropping AI spending jump spooks investors

SpaceX shares dropped approximately 10% to $113.27 on Wednesday morning, falling below the $135 IPO price and the $200 all-time high reached after its June debut. This decline follows the company's debut earnings report, where investors were spooked by a significant jump in AI spending. Despite the stock slide in pre-market trading, SpaceX reported that its quarterly revenues nearly doubled, though the increased expenditure overshadowed these gains for market participants.