2026年8月5日 / 美国东部时间下午1:02 / 哥伦比亚广播公司新闻
尽管SpaceX发布了首次公开季度财报并实现强劲营收增长，但该公司股价周三仍大幅下跌，原因是投资者对这家火箭制造商在人工智能领域的加速投资提出质疑。
周三午盘初期，SpaceX股价下跌10.06美元，跌幅8%，收于115.27美元。
投资者担忧的是，该公司在人工智能领域的巨额投资不足以支撑SpaceX1.5万亿美元的估值。周二发布的财报显示，SpaceX第二季度与人工智能相关的资本支出达158亿美元，较第一季度增长一倍以上。
“整个市场开始怀疑，并非每家公司都能从人工智能的巨额投入中获得回报，”投资研究公司New Constructs的首席执行官大卫·特纳在通过电子邮件向哥伦比亚广播公司新闻透露时表示。“不可能所有人都成为赢家，但所有企业都在按必将成功的标准进行投入。”
投资者并未关注该公司强劲的季度财报表现，反而将注意力集中在SpaceX能否实现其雄心勃勃的计划上，其中包括将数据中心送入太空。
“埃隆·马斯克历来有过度承诺的前科，因此投资者对其乐观预测持保留态度，”佛罗里达大学沃灵顿商学院的首次公开募股专家、教授杰伊·里特在电子邮件中告诉哥伦比亚广播公司新闻。
今年4月至6月，与人工智能相关的投资占该公司总资本支出的86%，总额达184亿美元。
“我们相信，我们正在以比其他任何企业都更快的速度大规模构建人工智能计算能力，并且我们正在大幅改进我们的人工智能模型，最显著的是上个月推出了Grok 4.5，”马斯克在周三的财报电话会议上表示。
该公司第二季度营收78亿美元，超出分析师预期，同时亏损收窄至5.41亿美元，低于去年同期的10亿美元。
“好消息是，本季度的营收和收益超出预期，且该公司对最早明年就能发射轨道数据中心持乐观态度，”里特说。“但坏消息是，该公司正在地面数据中心业务上投入大量现金，而该领域竞争十分激烈。”
负责追踪SpaceX的晨星公司股票分析师尼古拉斯·欧文斯在周三的分析报告中表示，该公司最大的收入来源是旗下拥有星链（Starlink）的卫星部门。不过，其人工智能业务未来有可能推动SpaceX的估值提升。
他指出，尽管股价下跌，但晨星公司仍认为SpaceX股票被高估了。
周四，随着禁售期到期，多达9.115亿股股票将可上市交易，可能会有大量新股涌入市场，SpaceX股价可能面临进一步下行压力。
“禁售期到期并不意味着每位内部人士或早期投资者都会抛售股票，但这确实增加了流入市场的股票供应潜力，可能会对股价造成短期压力，”私人投资公司TwinFocus的联合创始人兼管理合伙人保罗·卡格在电子邮件中表示。
https://www.cbsnews.com/video/spacex-first-earnings-report-since-ipo/
Why SpaceX stock is falling despite strong revenue growth
August 5, 2026 / 1:02 PM EDT / CBS News
Shares of SpaceX tumbled on Wednesday despite reporting strong revenue growth in its first public quarterly earnings report, as investors questioned the rocket maker’s accelerating investment in artificial intelligence.
SpaceX shares tumbled $10.06, or 8%, to $115.27 in early afternoon trading on Wednesday.
Investors are worried that the company’s massive investments in artificial intelligence won’t be enough to justify SpaceX’s $1.5 trillion valuation. SpaceX’s earnings report on Tuesday disclosed $15.8 billion in AI-related capital expenditures during the second quarter, more than double the amount it spent in the first quarter.
“The entire market is beginning to suspect that the extraordinary spend on AI might not work out for every firm,” David Trainer, CEO of New Constructs, an investment research firm, told CBS News in an email. “They cannot all be winners, yet they are all spending as if they will be.”
Investors looked past the company’s strong quarterly report to instead focus on whether SpaceX can deliver on its ambitious agenda, which includes sending data centers into space.
“Elon Musk has a history of overpromising, so investors took some of the optimistic forecasts with a grain of salt,” Jay Ritter, an IPO expert and professor at the University of Florida’s Warrington College of Business, told CBS News in an email.
AI-related investments accounted for 86% of the company’s overall CapEx spending from April to June, totaling $18.4 billion.
“We’re building AI compute capacity at scale faster than anyone else, we believe, and we’re significantly improving our AI models, most notably with the release of Grok 4.5 last month,” Musk said on Wednesday’s earnings call.
The company’s second-quarter revenue of $7.8 billion exceeded analysts’ forecasts, while it narrowed its loss to $541 million from $1 billion a year earlier.
“The good news is that revenue and earnings for the quarter were above expectations, and that the company was optimistic about its ability to launch orbital data centers as early as next year,” Ritter said. “But the bad news is that the company is spending lots of cash on Earth-based data centers, a business that has a lot of competition.”
The company’s biggest source of revenue is its satellite division, home to Starlink. However, its AI segment has the potential to drive SpaceX’s valuation in the future, Nicolas Owens, an equity analyst at Morningstar who covers SpaceX, said in a Wednesday analysis.
Despite the stock’s decline, Morningstar still views SpaceX shares as overvalued, he noted.
SpaceX stock could face further downward pressure on Thursday when up to 911.5 million shares become eligible for sale as a lockup period expires, potentially flooding the market with new shares.
“The lockup expiration does not mean every insider or early investor will sell, but it does increase the potential supply of shares coming to market, which can create near-term pressure on the stock,” Paul Karger, co-founder and managing partner at private investment firm TwinFocus, said in an email.
https://www.cbsnews.com/video/spacex-first-earnings-report-since-ipo/
发表回复