"We are building computing capacity for AI at scale faster than anyone else, we believe, and we are significantly improving our AI models," said owner and founder Elon Musk after the quarterly report was released, according to the Bloomberg news agency.
The space and AI company reported a net loss of $541 million, an improvement on a loss of $1 billion a year ago. The loss was 9 cents per share in the second quarter.
According to Space X's interim report, sales are increasing in all three business areas: space, AI and satellite.
Increase by 92 percent
Total revenue for the quarter came in at $7.8 billion, an increase of 92 percent and above the average forecast of $6.8 billion, according to Bloomberg.
AI revenue amounted to just under $2.6 billion. At the same time, investments in AI were written down to just over $15.8 billion during the quarter, which corresponds to 86 percent of the company's total investments of $18.4 billion.
The IPO of Space X in June was record-breaking and quickly made Elon Musk the world's first dollar billionaire.
When the company was listed on the Nasdaq stock exchange in June, the listing price was $135 per share. The company opened at $150 per share and rose to over $200 per share at its highest.
The stock plummeted
Space X shot to become the world's sixth most valuable publicly traded company in record time. Since then, the stock has lost momentum and fallen significantly.
But on Tuesday, the stock closed up 9.4 percent and just over $125, its best price since June 15.
In after-hours trading, the stock plunged over eight percent, but has since recovered slightly.
Corrected: In a previous version, there was an incorrect loss figure for last year.
