Too much, according to investors.

The company reported revenue in its first quarterly update as a public company that surpassed analysts’ expectations. Most of its revenue came from its Starlink satellite offering.

But investor focus turned to capital expenditures related to its xAI unit, which runs the Grok AI service. Those hit $15.8 billion, higher than expectations of $13.09 billion, according to Bloomberg News data, and about double the previous quarter. The AI spending also accounted for most of SpaceX’s overall $18.4 billion quarterly spending on capital expenditures.

The report caused SpaceX shares to reverse a healthy run-up during regular trading hours Tuesday. The stock fell over 10% before Wednesday’s market open, after having surged 9% ahead of its report Tuesday.

SpaceX immediately became a multitrillion-dollar company after a record-setting IPO on June 12 — but nearly just as quickly, it erased $1 trillion in value as the stock plunged amid anticipation of insider stock sales and broader jitters about the pace of AI spending.

Still, it continues to enjoy a market valuation of more than $1 trillion, making it one of the most valuable companies in the world. The stock got an additional boost Tuesday when the company announced a deal with Nvidia to partner on a future satellite project.

That announcement sent shares of other data center infrastructure providers like AMD lower. SpaceX’s strong results in its Starlink connectivity division also knocked shares of major wireless carriers, including AT&T and Verizon, as well as Viasat, which now faces competition from SpaceX for providing uplinks on airplanes.

Investor speculation that SpaceX may try to merge with its sister company Tesla has grown. That would give Elon Musk even more control over his multifaceted technology empire than he already exerts.

The vast majority of SpaceX’s stock is privately held, with just 5% of the 13.9 billion shares trading on the open market.

Along with Musk, who owns about 42%, the other shareholders are known to regulators as “insiders” and have been barred so far from selling their shares.

That “lockup period” will expire Wednesday, when up to 20% of the total SpaceX shares held by insiders may be sold on the open market.

More shares on the market equals more supply, which means the price per share is likely to fall further.

But some retail investors aren’t concerned by the steep drop in SpaceX’s share price.

Forde Todd, 20, received three shares of SpaceX stock as part of the company’s IPO, then bought and sold several more on the open market.

Todd told NBC News he plans to hold on to his IPO shares despite the stock’s plunge.

“I’m in it for the love of the game — like, I’m in it for SpaceX,” Todd said. “I truly believe in this company.”

“At the end of the day, everybody is going to want a part in the space economy,” he added.

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In a petition filed in a state court in Manhattan, Attorney General Letitia James said Kalshi failed to obtain a New York State Gaming Commission license to operate its platform, where people trade based on the predicted outcomes of sports, elections and other events.

The attorney general said such platforms can encourage problem gambling, including by people under age 21, and endanger people’s financial, emotional and physical health.

She filed similar petitions in April against two other prediction market operators, Coinbase Financial Markets and Gemini Titan, saying all three companies’ so-called event contracts were “quintessentially” gambling.

“New York’s gambling laws protect children from underage betting and help combat gambling addiction,” James said in a statement. “No matter what they call themselves, prediction markets like Kalshi are gambling platforms, plain and simple.”

CFTC Challenges New York

Prediction markets such as Kalshi and Polymarket have soared in popularity since the 2024 U.S. presidential election, when they fared better than pollsters in predicting Republican Donald Trump’s victory over Democrat Kamala Harris.

Their growth has sparked a flurry of lawsuits and countersuits over the authority of individual U.S. states, rather than the federal government, to regulate the industry.

The U.S. Commodity Futures Trading Commission has claimed exclusive oversight and challenged regulatory activity in at least nine states including New York, which it sued in April.

“It’s sad to see this type of political theater from the leadership in our own state,” New York-based Kalshi said in a statement. “States can’t just shut down a federally licensed exchange.”

Less than one hour before New York sued Kalshi, the CFTC filed an “emergency” motion in Manhattan federal court to stop the state’s enforcement activity, calling it “overreach” that would irreparably harm the agency and markets it regulates.

The CFTC filing followed Wednesday’s rejection by the federal appeals court in Manhattan of Kalshi‘s request to avoid being subjected to New York’s gambling laws, while it appeals U.S. District Judge Analisa Torres’ refusal on July 8 to issue an injunction against the state.

Kalshi had preemptively sued New York last October to block enforcement.

According to New York’s petition, Kalshi‘s prediction markets are gambling because people can wager on events whose outcomes they don’t control, such as who will win the Super Bowl or the reality TV show “Big Brother.”

New York also objected to Kalshi letting 18- to 20-year-olds use its platform, despite a minimum age of 21 under state law for mobile sports betting.

“Kalshi has chosen to ignore New York’s gaming laws, which exist to protect consumers, prevent problematic gambling, deliver funding for critical public services, and ensure that every company plays by the same rules,” New York Governor Kathy Hochul said in a statement. “This choice has consequences.”

At least four states — Massachusetts, Michigan, Nevada and Washington — have won court orders restricting Kalshi‘s activities.

In refusing to stop potential New York enforcement activity, Torres found the state’s interests in preventing gambling addiction, preserving the integrity of sports, and avoiding ​a proliferation of unregulated contracts “heavily” outweighed Kalshi‘s interests in ensuring the primacy of federal law and avoiding “intractable” technology issues for customers.

New York’s lawsuit seeks a halt to Kalshi‘s alleged unlawful conduct, the forfeiture of illegal gains, civil fines equal to triple those gains, and restitution to customers.

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“I couldn’t stand all the lies on the stations,″ she said, arguing that there wasn’t enough attention being paid to Palestinian suffering. “I started going to Instagram to get my news.”

Berent is among many progressive-minded Americans who have sworn off legacy media institutions. They’re turning to a widening mix of independent podcasts, social media accounts and digital news sites, part of an increasingly influential ecosystem that has boosted this year’s wave of antiestablishment, left-leaning candidates who may not have gotten as much attention otherwise.

Liberals remain more likely than conservatives to trust mainstream outlets, but the splintering echoes how conservatives skeptical of their party created a collection of insurgent news sites years ago. The shift has elevated individual commentators with opinions on the news, some of whom have proven influential in driving people’s votes.

Ryan Grim, a co-founder of Drop Site News and a veteran of online political debates, said progressive politicians have sought out his platform to reach voters. In a change from previous election cycles, “they have ways to get covered even if the mainstream just basically ignores them,” he said.

One of those candidates is Abdul El-Sayed, who is running for U.S. Senate in Michigan and faces the more moderate U.S. Rep. Haley Stevens in the Aug. 4 primary.

“I think in a lot of ways, where traditional media has been gatekeepers, we’re watching that gatekeeping function fall away,” El-Sayed said.

These changes have been on display this year in places like New York City, where a slate of progressive congressional candidates endorsed by Mayor Zohran Mamdani defeated establishment-backed candidates.

Sara Hyler, a policy analyst in East Harlem, originally planned to support incumbent Rep. Adriano Espaillat in last month’s Democratic primary. But then Hyler started learning about progressive outsider Darializa Avila Chevalier through YouTube videos and podcasts, including from the liberal media company MeidasTouch.

“My actual beliefs are to the left of Democrats. I don’t want a moderate,” said Hyler, who ultimately voted for Avila Chevalier in hopes she could help nudge Congress toward progressive policies.

The rise of independent media has been part of a digital transformation that transcends politics, as chronically online Americans are turning toward news from social media and content creators. But it’s not just the popularity of smartphones driving that change.

“There’s a complete lack of trust in any and all institutions now,” said Mike Nellis, a Democratic consultant who hosts a podcast, writes a Substack and posts political analysis on social media. “That has led people to turn to individuals, and so now you’re picking your flavor of person to listen to.”

Among conservatives, faith in mainstream media and in the more moderate wing of the Republican Party faltered years ago, with the rise of the Tea Party movement paving the way for an alternative right-wing media ecosystem, including sites like the Daily Caller, Breitbart and The Blaze. Trump also tapped into a loose constellation of podcasts, including “The Joe Rogan Experience,” for his successful comeback campaign.

Reece Peck, a media culture professor at the College of Staten Island, said the left-wing version of that has happened slowly, beginning with the momentum of Sen. Bernie Sanders’ first presidential run in 2016. At the time, left-wing, antiestablishment YouTube accounts and podcasts like “The Young Turks” and “Chapo Trap House” were gaining attention but didn’t reach the majority of Democratic voters.

Now Democrats have realized their faith in institutions didn’t prevent Trump’s return.

“The ground has been made fertile for an anti-establishment media politics, where it just wasn’t quite there with the voter base in those previous cycles,” Peck said. Even older, moderate liberals, he said, have started to ″throw their hands in the air and look for alternatives.”

YouTube accounts like “Secular Talk” and “Breaking Points,” streamers like Hasan Piker and new digital journalism organizations like More Perfect Union and The Lever are among those that have seen their audiences multiply.

Grim said Drop Site has amassed 800,000 free and 60,000 paid subscribers since launching two years ago — more than he’d anticipated.

Saul Levin, a Michigan progressive organizer who recently started his own podcast about artificial intelligence data centers, said Trump’s attacks on the existing media landscape are part of the reason for that growth.

“The investigations and raids on numerous different journalists, the appointment of specifically aligned billionaires to lead various major news agencies, is very troubling,” he said. “Creators and new media outlets are stepping in and trying to fill gaps.”

The Michigan primary will be the latest test of the evolving media ecosystem, which El-Sayed, a longtime podcaster himself, has tried to harness. Various progressive outlets, creators and organizers have aggressively promoted his campaign.

El-Sayed said the rise of independent media has let voters compare news across different channels and notice biases, but he doesn’t turn down opportunities on legacy media, either.

“I go on Fox News, I go on podcasts, I Twitch stream, we have a YouTube channel,” he said.

Stevens, who received endorsements from outgoing incumbent Sen. Gary Peters, Michigan Gov. Gretchen Whitmer and Senate Democratic leader Chuck Schumer, has a more traditional approach. She’s also backed by the American Israel Public Affairs Committee, or AIPAC, and its affiliated groups, which have spent close to $30 million on the race.

Stevens’ campaign declined to comment for this story.

Reporting from progressive outlets has influenced how the race has unfolded. For example, Stevens parted ways with a campaign consultant when Drop Site revealed that she had also worked for tech company Palantir, which is controversial in liberal circles because of its government contracts involving immigration enforcement.

Democratic officials said Trump’s return to the White House has also revived interest in the party’s official channels. The Democratic National Committee’s relatively new digital media offering, a rapid-response clipping and messaging account with the handle @FactPostNews, has amassed more than 2 billion impressions on Threads, X, Facebook, Instagram and Bluesky in 2026 alone.

“I remember thinking to myself, there’s a chance that this flops and doesn’t get any traction,” said DNC Deputy Chief Mobilization Officer Paulina Mangubat. “It’s been really, really successful.”

At times, the mix of new voices on the left has erupted in public tensions.

Grim recently faced criticism for boosting failed Democratic candidate Graham Platner in Maine, and he was accused of trying to undermine the credibility of the sexual assault allegation that torpedoed Platner’s campaign. Grim said while he recognized people were angry, his reporting on the allegation was meant to share additional context.

“If we’re going to litigate allegations in the court of public opinion, we can’t pick and choose what details we want to share with the public out of a fear of how they’ll be received,” he said.

More recently, when Drop Site interviewed progressive U.S. Rep. Ro Khanna of California, one of its journalists pressed Khanna on whether Hamas was justified to attack Israeli soldiers on Oct. 7, 2023. Khanna refused to agree.

But Grim said those are the kinds of tough questions independent media are there to ask — and that American voters increasingly want to see their representatives in Congress answer.

“People want to see you being accountable to questions, and if they don’t agree with you, sometimes that’s fine,” he said. “I think the smarter politicians are starting to recognize that.”

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The show’s new executive producer, Nick Bilton, announced the news in a staff memo Tuesday, shared on X. Joining Douthat and O’Donnell will be author Sebastian Junger, Trevor Phillips and Gianna Toboni. All will be contributors to the show.

The new journalists join current correspondents Lesley Stahl, Jon Wertheim and Bill Whitaker. Their hirings come two months after a shake-up at the storied program, led by the network’s new editor-in-chief, Bari Weiss.

Weiss installed Bilton, who has little substantive broadcast news experience, as executive producer, replacing Tanya Simon, who was let go after a 30-plus-year tenure with the show. Also let go were correspondents Sharyn Alfonsi and Cecilia Vega — and soon after, Scott Pelley, after a tense confrontation with his bosses over the changes.

In addition to the three dismissed, Anderson Cooper — whose primary job is at CNN — said earlier this year he was leaving of his own accord after two decades.

Weiss and Tom Cibrowski, the CBS News president, praised the new hires in an internal memo. “We couldn’t be more excited about this news,” the two said, welcoming the new additions. “Onward!”

Bilton called Douthat “one of the preeminent public intellectuals in America today, a thinker of uncommon rigor and a journalist of deep empathy.” The columnist has spent nearly two decades at the Times and is an author of numerous books.

The producer called O’Donnell “a powerhouse.”

“You’ve seen her all over the network. She’s launched a new podcast. And you’ll see much more of her in our halls because Norah will be a correspondent on 60 Minutes.”

Bilton praised Junger for his nonfiction work “The Perfect Storm,” about a catastrophic 1991 storm. The book “landed with an electric charge in the world of reported nonfiction, defining an intense and intimate form of storytelling and establishing Sebastian as a generational talent,” Bilton said.

Toboni joins “60 Minutes” as a contributor and CBS News as a national correspondent. Previously a senior correspondent with VICE News and “VICE on HBO,” she comes to the program from CNN.

Calling her a journalist of “extraordinary range,” Bilton noted that Toboni has interviewed members of the Islamic State militant group, investigated cartel violence in Mexico and written a book on the death penalty.

Also serving as contributor will be Trevor Phillips, announced last month as the news division’s senior global affairs correspondent. Based in London, he is “one of the most respected and trusted voices in the United Kingdom for his ability to ask the toughest questions and hold anyone in power to account,” Bilton wrote in his memo.

Turmoil had raged at “60 Minutes” for more than a year before the May shake-up. Much of it came after President Donald Trump sued the show over its editing of a 2024 interview with then-Democratic presidential candidate Kamala Harris.

That became part of a broader shake-up at CBS News after Weiss was named to the new role of editor-in-chief by parent company Paramount late last year following David Ellison’s arrival as the network’s corporate leader.

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Descendants of Gordie Howe, the hockey legend whose name is on the bridge, were among the first to cross over the Detroit River, which separates the Motor City from Windsor, Ontario.

The span, which was built by Canada at a cost of $6.4 billion Canadian, now becomes a less-expensive alternative to the privately owned Ambassador Bridge, which had a monopoly on big trucks carrying goods worth billions between the two countries, especially in service to the auto industry.

“There are thousands of trucks that go over” daily, said Kevin Ketels, a business professor who teaches supply chain management at Wayne State University.

Freddie Garrett, 81, said he regularly watched construction “ever since they put the foundation in” back in 2018. So naturally he showed up at Delray Park in Detroit to see the first vehicles moving overhead.

“It was amazing to see how they did it,” Garrett said. “They put up one section at a time and then they met together in the middle. I’m sure it will be there longer than I’ll be around.”

Last week, Canada celebrated the Gordie Howe International Bridge with a ribbon-cutting ceremony in Windsor. U.S. and Michigan representatives were uninvited after President Donald Trump suddenly announced 50% tariffs on Canadian goods entering America.

More than 70% of Canada’s exports go to the U.S., making America its largest trade partner, and Detroit is the No. 1 port for truck traffic on the U.S.-Canada border, according to the U.S. Department of Transportation.

The span is 1.5 miles (2.4 kilometers) long and rises 151 feet (46 meters) above the river at its highest point. Pedestrians and bicyclists will be able to cross it for free, starting Aug. 5.

Howe is a Canadian icon known as “Mr. Hockey” who wore No. 9 while playing for the NHL’s Detroit Red Wings. He died in 2016.

A recent agreement between Canada and the Trump administration says Canada will share some toll revenue with the U.S. government for 15 years. Michigan separately negotiated a share in 2012, but it won’t be paid until Canada’s costs are recovered, likely decades from now.

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