SpaceX reported its first quarterly earnings since going public on Tuesday, posting revenue and profitability well ahead of Wall Street estimates even as the stock fell on concerns over the scale of its artificial intelligence spending.

The company, trading under the ticker SPCX, reported second-quarter revenue of $7.8 billion, up 92 percent from a year earlier and above analyst estimates of $6.81 billion. Adjusted EBITDA jumped 191 percent to $3.5 billion, though the company posted a net loss of $541 million for the quarter.

SpaceX’s connectivity business, anchored by its Starlink satellite internet service, led the growth with $4.3 billion in revenue and 1.7 million net subscriber additions during the quarter. The company’s newer artificial intelligence segment saw revenue soar 247 percent year over year to $2.6 billion, reflecting heavy investment in AI infrastructure.

Shares fell roughly 7 percent in postmarket trading after the company disclosed that capital spending jumped to about $18.4 billion in the second quarter, raising investor concerns about the pace and scale of its AI buildout even as the underlying business outperformed expectations.

Looking ahead, the company said it is projecting a $100 billion annualized revenue run rate by the end of 2026. Internally, the company has also moved up its forecast for reaching $1 trillion in revenue to 2030, a year earlier than its previous internal target of 2031.

The results mark a significant milestone for the company, which has expanded well beyond its original rocket launch business into satellite broadband and artificial intelligence infrastructure since its stock market debut earlier this year. Tuesday’s report was closely watched by investors as the first real test of whether the company’s roughly $1.4 trillion valuation can be justified by its underlying financial performance.

Analysts noted that the divergence between strong headline numbers and the stock’s negative reaction underscores the tension facing capital-intensive AI infrastructure investments across the market, with investors increasingly scrutinizing spending discipline alongside growth. The company’s next earnings report is expected in the fourth quarter, when investors will look for signs that the elevated capital expenditure is translating into sustained revenue growth across both its connectivity and AI businesses.