United Kingdom, Aug. 5 -- SpaceX shares slid sharply after Elon Musk's space and technology company reported its first results as a listed business.

With investors unnerved by a dramatic increase in artificial intelligence spending despite surging revenue, the company, founded and led by Elon Musk, 55, reported quarterly revenue of $7.8 billion (£5.8 billion), almost double the figure recorded a year earlier.

However, total spending climbed to $18.3bn, more than six times higher than the previous year, with much of the increase attributed to investment in artificial intelligence infrastructure.

The results, released after SpaceX's historic stock market debut in June, prompted a 9 percent fall in the company's share price as invest...