SpaceX (SPCX) is becoming an AI giant faster than expected — it is also spending like one. But SpaceX spent nearly $16 billion on AI infrastructure during the quarter — more than six times the segment's revenue. AI revenue more than tripled from the first quarter to $2.6 billion. The AI segment turned green on an adjusted EBITDA basis — profits before depreciation and stock compensation — but capital spending on AI infrastructure still dwarfed revenue. Those deals produced $1.6 billion in incremental AI infrastructure revenue during the quarter.