SpaceX delivered its first earnings report since going public in June, arriving at a sensitive time for the stock, which has tumbled 15% from the $135 offering price.

SpaceX shares dropped 7% after hours following the earnings, which revealed better than expected revenue but AI capex higher than Wall Street estimates. While overall capex came in slightly below analysts’ estimates, AI-related investments came in at $15.8 billion for the quarter compared to Wall Street’s estimates of $13.09 billion.

Quarterly revenue came in at $7.8 billion, compared to Wall Street’s estimate of $6.81 billion. The company has yet to turn a profit, reporting a net loss of $541 million for the period. Wall Street wasn’t expecting a surprise profit.

On a follow-up call with analysts, CEO Elon Musk said SpaceX was expected to hit a $100 billion annualized revenue run rate by the end of the year, and had moved up its internal projection for crossing $1 trillion in overall revenue from 2031 to 2030.

Starlink, its satellite internet business and main money-maker, reported lighter than expected subscribers, reaching 12 million compared to analysts’ 12.19 million estimate.

The report comes two days before a lockup expiration is set to significantly increase the public float, or the amount of stock available to trade. On August 6, insiders and early investors will be allowed to sell nearly a billion shares into the market, or about $106.4 billion worth of stock based on Monday’s closing price.

Scroll on for the play-by-play of SpaceX’s earnings call with analysts: