SpaceX, the rocket-and-satellite company that also happens to own a social media platform, has finally released its first quarterly earnings report, and the numbers are a wild ride. Revenue nearly doubled to $7.8bn (£5.8bn), but spending went absolutely bonkers, up more than 550% to $18.3bn, resulting in a net loss of $2bn in the first half of the year. Because of course it did.

The stock promptly fell nearly 9% in after-hours trading, prompting Elon Musk to tell investors they're 'underestimating' the company. Because nothing says 'underestimated' like a $2bn loss.

Musk is betting big on Starlink, the one profitable part of the business, which brought in $1.6bn in the second quarter. He boldly predicted it might run 'most of the world's internet' someday. Meanwhile, the company's AI compute business is losing $1.2bn on $2.5bn revenue, but Musk says that's fine because data centres are 'a trivial problem compared to making reusable rockets.' Sure, Elon.

SpaceX's core rocket business also lost $542m, though it did pull in $962m in revenue. CFO Bret Johnson said capital spending will stay at a 'very similar' level, which is either reassuring or terrifying.

Despite the red ink, Musk thinks SpaceX will hit $1tn in revenue by 2030, a year earlier than he thought six weeks ago. That optimism didn't stop shares from sliding another 7% after hours, however.

Investor Wendy Souvannarath of Carré Partners defended the spending spree, noting every tech giant is doing it, and that Starlink's sky-based network is a solution for the half the planet with bad internet. Analyst Brady Wang from Counterpoint Research says Starlink's subscriptions are 'strong,' but it's the only profitable unit, so calling the whole company underestimated is 'a stretch,' according to IG's Fabien Yip.

And let's not forget Musk's political controversies, which remain a 'live risk' for the company. SpaceX's stock has drifted down from its June high of $176 and now trades below its $135 IPO price. But hey, at least the earnings report was interesting.