SpaceX Market Value Drops More Than $400B in Less Than a Month

Shares of SpaceX declined more than 5% on Thursday, hitting their lowest trading level since August, as more than $400B of its market value was erased in less than 30 days. The market reaction follows the release of third-quarter results detailing a shift in capital spending toward the company's artificial intelligence infrastructure, with 84% of quarterly capex directed toward AI and computing capacity expanding to 1.7 GW.