Shares in Elon Musk's SpaceX tumbled after the company's first-ever earnings report revealed a huge jump in spending on artificial intelligence, spooking investors. The firm builds space rockets and Starlink internet satellites as well as owning the social media platform X. However, Musk cited Starlink, the one part of the company that is currently making a profit, bringing in $1.6bn in the second quarter. Nevertheless, Musk said that SpaceX would likely hit $1tn in revenue by 2030, a year earlier than he thought just six weeks ago. Despite this optimism, shares of SpaceX fell in after hours trading on Tuesday, wiping out gains made during the day.