Even a Successful Starship Launch Wasn't Enough to Lift SpaceX Stock. Investors Are Still Worried About This 1 Thing

SpaceX's successful 13th Starship test flight failed to boost investor sentiment due to concerns over massive AI infrastructure spending. The company allocated 76% of its $10 billion Q1 capex to AI programs, with annual capex accelerating to $20.7 billion in 2025. Investors remain skeptical that these AI investments will generate profits, especially since SpaceX is not yet profitable and trades at a premium valuation (P/S ratio of 77 vs. tech sector average of 7).