SpaceX Slides 7%+ After Results; Musk Says Future Systems to Fully Adopt NVIDIA

SpaceX reported a 92% YoY revenue increase to $7.8 billion and narrowed losses in Q2, yet shares fell 7.46% post-earnings. CEO Elon Musk announced that future AI services will fully adopt NVIDIA systems, citing the Vera Rubin architecture as superior. This strategic shift caused NVIDIA stock to rise 2.16%, while AMD dropped nearly 9%.

Space Exploration Technologies Corp. (SPCX.US) 's 2Q revenue spiked 92% YoY to USD7.8 billion, topping analysts' expectations, while loss narrowed to USD541 million from USD1.008 billion in the same period last year.

The AI division posted an operating loss of USD1.26 billion, while the space division recorded a loss of USD542 million. The network connectivity business continued to post a profit, with operating profit reaching USD1.66 billion.

Following the earnings release, the company's share price fell 7.46% in after-hours trading.

SpaceX CEO Elon Musk said the company will fully build future AI services based on NVIDIA Corporation (NVDA.US) systems, as he believes the Vera Rubin multi-rack POD-level system is the best and highly values the partnership with NVIDIA.

Musk said in May that Tesla, Inc. (TSLA.US) and SpaceX would likely continue purchasing chips from both NVIDIA and Advanced Micro Devices, Inc. (AMD.US) .

However, after Musk's latest remarks that SpaceX would fully adopt NVIDIA systems, NVIDIA shares jumped up 2.16% in after-hours trading, while AMD dived nearly 9%.
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Following the earnings release, the company's share price fell 7.46% in after-hours trading.

Musk said in May that Tesla, Inc. (TSLA.US) and SpaceX would likely continue purchasing chips from both NVIDIA and Advanced Micro Devices, Inc. (AMD.US) .