Musk sets $1T revenue target for SpaceX by 2030, shares dip on heavy spending

SpaceX is targeting $1 trillion in annual revenue by 2030, CEO Elon Musk announced in his first investor address since the company's IPO. The rocket firm also plans to launch data centers into space by 2027. Despite a 92% year-over-year surge in Q2 revenue to $7.8 billion, the company posted a $541 million net loss and shares fell over 8% in after-hours trading on news of heavy capital expenditures, which hit $18.4 billion for the quarter.