SpaceX touted faster-than-expected returns from its AI spending on its first-ever earnings call as a public company. SpaceX reported AI revenue that more than tripled from a year earlier and disclosed several new cloud computing agreements, even as quarterly capital spending on AI climbed to $15.8-billion. Chief financial officer Bret Johnsen said the economics of those investments were improving rapidly, but also signalled that AI spending would remain elevated. “SpaceX faces that test with an added degree of difficulty because it’s asking shareholders to bankroll data centres in orbit.” “New compute capital monetises so fast it behaves more like cost of goods than capex,” said Michael Monaghan, portfolio manager of the Founders 100 ETF, which holds SpaceX shares.