SpaceX Reports Revenue Jump While Cloudflare Launches AI Wallet

Space Exploration Technologies Corp. reported its first quarterly earnings as a public company on Tuesday, announcing that second-quarter revenue jumped 92 percent to $7.8 billion. While the result surpassed Wall Street estimates and the company reduced its net loss to $541 million, shares declined more than 7 percent in after-hours trading. Investors expressed concern over high capital spending, which totaled $18.4 billion during the quarter.

In the AI sector, Cloudflare launched cloudflare.pay, an identity tool and virtual wallet designed for agentic commerce. The system allows AI bots to perform verified shopping transactions on behalf of users. Cloudflare leadership argued that the internet requires a different business model to support these interactions, noting that every interaction on the internet is a chance for commerce.

Meanwhile, the Trump administration met with leaders from Google, OpenAI, and Anthropic to establish a voluntary framework for testing cybersecurity risks in frontier AI models. The meeting followed criticism from Senate Democrats, including Senator Kirsten Gillibrand, who argued that inconsistent governance from the White House could push American companies toward Chinese AI alternatives.