This figure was ahead of analyst expectations, with the majority of the spending going toward AI. The company's stock closed at just over $125 on Tuesday, sitting below its $135 initial public offering price. Stock Chart Icon Stock chart icon SpaceX shares over the past five days. watch nowThe share price fell even as SpaceX narrowed its losses and promised significant future revenue. Steve Westly, founder of The Westly Group and a former Tesla board member, told CNBC's "Squawk Box Europe" on Wednesday.