SpaceX topped Wall Street's revenue estimates in its first quarterly earnings report as a public company Tuesday, but shares tumbled as much as 8.8% in after-hours trading after the company disclosed higher-than-expected spending on its artificial intelligence business. SpaceX's net loss narrowed to $541 million, a sharp improvement from the $1 billion loss it posted a year earlier and the $4.3 billion loss it reported in the first quarter of this year, and well inside the $1.9 billion loss analysts had projected. Despite the across-the-board beat, investors focused on the company's spending. SpaceX shares had closed Monday at $114.53, down 15% from the company's $135 initial public offering price in June and down 49% from the $225 intraday high the stock reached shortly after its debut. Attention in the coming days is likely to center on how SpaceX shares perform once the lockup expiration takes effect Thursday, and on whether the company's spending trajectory moderates in future quarters.