Stronger-than-expected AI revenue could represent one of the more credible upside catalysts. SpaceX 2Q AI Segment Capex $15.83B, Est. AI revenue for the second quarter was almost $2.6 billion, up from $737 million this time last year, with most of it coming from AI infrastructure. But the wins in the AI business, which include the release of Grok 4.5 in July as well as the computing agreements, also come with huge capital expenditures. AI cap ex is around $15.8 billion, with capex for the whole firm this quarter being about $18.4 billion.