--- title: "SpaceX Stock’s Hidden Risk Isn’t Rockets — It’s AI Spending" type: "News" locale: "en" url: "https://longbridge.com/en/news/293645129.md" description: "SpaceX faces significant risks from massive AI capital expenditures, potentially outweighing rocket development challenges. Following Alphabet's negative free cash flow due to high AI spending, investors are scrutinizing SpaceX's ability to generate returns on its costly infrastructure investments, supported by recent bond sales and computing agreements." datetime: "2026-07-23T16:08:22.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/293645129.md) - [en](https://longbridge.com/en/news/293645129.md) - [zh-HK](https://longbridge.com/zh-HK/news/293645129.md) --- # SpaceX Stock’s Hidden Risk Isn’t Rockets — It’s AI Spending **SpaceX** (NASDAQ:SPCX) faces visible risks whenever Starship reaches the launchpad, as scrubs, explosions and engine failures generate dramatic headlines. However, artificial intelligence spending could create a larger threat for SpaceX stock. - **SPCX stock is moving. See the chart and price action here.**  ## **Alphabet’s AI Spend Warning** **Alphabet Inc.** (NASDAQ:GOOGL)(NASDAQ:GOOG) offers a warning. Google’s parent just recorded its most profitable quarter ever. Revenue climbed 24%, while cloud revenue surged 82%.  Still, Alphabet shares dropped after AI capex overwhelmed the company’s operating cash flow. Alphabet spent $44.9 billion on capital projects during the quarter. Operating cash flow reached $39.1 billion, leaving the company with negative free cash flow of $5.9 billion. It marked Alphabet’s first negative free-cash-flow quarter since its 2004 initial public offering. **Microsoft Corp. (**NASDAQ:MSFT) is tracking toward roughly $190 billion in calendar-year AI spending, and combined hyperscaler capex could approach $725 billion this year. **Read Also: 'Buy Any Dip' in SpaceX Stock — Macquarie Sees Massive Upside Ahead** ## **SpaceX’s Capex Challenge** Those figures illustrate the scale of SpaceX’s challenge. SpaceX inherited an expensive AI operation through its combination with xAI. Training advanced models requires chips, data centers, networking equipment and enormous amounts of electricity. The costs arrive before AI contracts produce dependable returns. SpaceX recently sold $25 billion in bonds across five maturities. The company said proceeds would repay bridge financing and support general corporate purposes. Reuters described the offering as funding for a capital-intensive AI expansion requiring tens of billions in infrastructure investment. SpaceX has begun monetizing its AI infrastructure. **Reflection AI** agreed to purchase computing capacity from SpaceXAI, and Google also signed a multiyear computing agreement with the company.  Yet Alphabet’s quarter shows why revenue growth may not settle the debate. Investors increasingly want proof that AI spending can produce cash, margins and sustainable returns. Rocket development offers visible milestones while AI infrastructure provides fewer clear checkpoints. For SpaceX stock, Starship’s progress remains important, but the larger valuation test may be whether SpaceX can avoid the cash-flow pressure now hitting the world’s richest tech companies. **SPCX Stock Price Activity:** SpaceX shares were down 0.75% at $114.40 at the time of publication Thursday, according to Benzinga Pro data. **Read Also: Alphabet Just Took Its AI Chip Offensive Directly to Nvidia** _Photo: JRdes / Shutterstock_ ### Related Stocks - [GOOG.US](https://longbridge.com/en/quote/GOOG.US.md) - [SPCX.US](https://longbridge.com/en/quote/SPCX.US.md) - [GOOGL.US](https://longbridge.com/en/quote/GOOGL.US.md) - [GOOW.US](https://longbridge.com/en/quote/GOOW.US.md) - [GGLS.US](https://longbridge.com/en/quote/GGLS.US.md) - [SPAX.US](https://longbridge.com/en/quote/SPAX.US.md) - [SPCG.US](https://longbridge.com/en/quote/SPCG.US.md) - [SPCM.US](https://longbridge.com/en/quote/SPCM.US.md) - [SNK.US](https://longbridge.com/en/quote/SNK.US.md) - [SPCH.US](https://longbridge.com/en/quote/SPCH.US.md) - [SSPC.US](https://longbridge.com/en/quote/SSPC.US.md) - [LOFF.US](https://longbridge.com/en/quote/LOFF.US.md) - [SPAL.US](https://longbridge.com/en/quote/SPAL.US.md) - [SPCF.US](https://longbridge.com/en/quote/SPCF.US.md) - [GGLL.US](https://longbridge.com/en/quote/GGLL.US.md) - [GOOY.US](https://longbridge.com/en/quote/GOOY.US.md) - [SPCU.US](https://longbridge.com/en/quote/SPCU.US.md) - [GOU.US](https://longbridge.com/en/quote/GOU.US.md) - [GOOX.US](https://longbridge.com/en/quote/GOOX.US.md) - [GOOP.US](https://longbridge.com/en/quote/GOOP.US.md) - [MAGX.US](https://longbridge.com/en/quote/MAGX.US.md) - [MSFT.US](https://longbridge.com/en/quote/MSFT.US.md) - [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md) - [NVD.DE](https://longbridge.com/en/quote/NVD.DE.md) ## Related News & Research - [SpaceX lockup expiry: Morgan Stanley believes 'largely unchanged' fundamentals create attractive entry point at current levels](https://longbridge.com/en/news/293785215.md) - ['Buy' SpaceX Stock as Its AI Opportunity Is 'Virtually for Free,' Says Top Analyst](https://longbridge.com/en/news/293480358.md) - ['Don't Expect More Miracles,' Says Investor About SpaceX Stock](https://longbridge.com/en/news/293529763.md) - [SpaceX plans Texas data center expansion, The Information reports](https://longbridge.com/en/news/293489486.md) - [Google’s Strong Q2 Results Fail to Prevent Stock Pressure, Free Cash Flow Turns Negative for First Time, AI Spending Sparks Concern](https://longbridge.com/en/news/293551326.md)