Following SpaceX’s first-ever earnings report Tuesday, shares dropped 8% in postmarket trading largely due to concerns over capital spending on AI infrastructure — just like nearly every other company that Wall Street and investors have been grilling over their tech spending. SpaceX spent $18.4 billion in the second quarter up from $2.8 billion a year ago, but executives were blasé about the increase, telling investors to expect the same or more going forward. The company said its capital spending becomes revenue quickly — even within a year, in the case of its spending on AI. SpaceX’s revenue jumped 92% from a year ago, and Musk doubled down on expectations, moving up his estimate that the company will generate $1 trillion in revenue to 2030, from 2031. “Beware the SpaceX short squeeze,” Semafor’s Liz Hoffman wrote Tuesday, warning bears against overestimating how many of the locked-up shares will actually hit the market, forcing a scramble to cover their positions.