SpaceX shares sink after execs promise more spending

SpaceX shares fell 8% after executives announced increased capital spending on AI infrastructure, despite a 92% revenue jump. Elon Musk accelerated his $1 trillion revenue target to 2030, while Gwynne Shotwell highlighted Starlink's competitive potential against major telecom providers. Investors are also wary of the upcoming IPO lock-up expiration, which could release 912 million shares.