Elon Musk’s SpaceX spent an eye-watering $18.4 billion in its first quarter as a publicly traded company and warned investors to expect similarly high spending in the next two financial quarters, sending the stock price down more than 8% in late trading on Tuesday evening. A whopping $15.8 billion of that spending was to power its artificial intelligence efforts, a division that ended the quarter with a $1.3 billion net operating loss.
The figure comes from the company’s first earnings report since the record-setting initial public offering hit the market in mid-June. Although the IPO was surely an amazing day for Musk, who briefly became the…
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