SpaceX stock fell after the company’s first earnings report as a public company, even though revenue and the adjusted earnings picture came in ahead of expectations. The AI business has revenue, but investors want proof of paybackSpaceX’s AI business generated roughly $2.6 billion in second-quarter revenue, up about 250% year over year. If the payback takes longer, the same numbers could look like a costly bet made during an AI infrastructure boom. What SpaceX stock needs to prove nextThe revenue beat shows that SpaceX has built a large and growing business. SpaceX stock fell because investors focused on the company’s $18.4 billion quarterly capital expenditure, including $15.83 billion for AI infrastructure, rather than its stronger-than-expected revenue.