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It hasn't even been two months, but SpaceX's record-breaking IPO feels light-years away from its first earnings report this afternoon.

Elon Musk's rocket company is down around 25% since it started trading at $150 in mid-June. Its current share price of $114 is well below its IPO price of $135.

BI's Jennifer Sor mapped out the key things to watch ahead of SpaceX's first earnings report today after the bell.

We already have a sense of some of SpaceX's key numbers from its IPO paperwork. But earnings represent the first opportunity for analysts to press SpaceX executives on big questions about the company.

And it's coming at an important time. Thursday marks the expiration of a lockup period for SpaceX shares, when early investors could flood the market with shares as they look to cash out.

SpaceX tried calling on investors to submit questions, but things quickly went off the rails.

Some sent in genuinely funny and thought-provoking ones. (Could a future earnings call be conducted by executives in space?) But others took the opportunity to tout an obscure cryptocurrency.

Never fear. I mapped out some big questions surrounding SpaceX heading into earnings:

How much is SpaceX planning to spend on AI? It wouldn't be tech earnings unless we brought up AI budgets. Investors are hyper-focused on how much companies are spending on AI and the benefits they're getting from it.

The last part is particularly tricky for SpaceX since so much of its business is about potential. Companies with profitable businesses are getting hammered for increasing their AI spending (Meta). Meanwhile, a willingness to keep an AI budget flat is getting celebrated (Microsoft).

A clue on how SpaceX approaches the debate could have come during Tesla's earnings call. Musk said the EV maker should be spending on AI "as fast as we can."

What's it planning on doing with all that compute? SpaceX has invested big in the infrastructure needed to power the AI era. The company is in the middle of a massive data-center buildout in the Memphis area, which includes the Colossus 1 and Colossus 2 supercomputers.

As we've discussed, the debate over whether to keep or rent out homegrown compute is a big one. SpaceX has shown a willingness to rent out compute for a quick buck (in one case, 1.25 billion bucks a month). But it also seems aware of the risks of renting it out rather than using it.

With pressure on SpaceX's stock price, will Musk look to shore up the financials in the short term by renting out more compute?

Can Starlink keep the lights on? The company's satellite internet system is SpaceX's commercial engine. So while investors wait for SpaceX's other bets to pan out, they'll want to see continued growth from Starlink. Should its subscription numbers falter or its margins shrink, that could force Musk to accelerate his timeline.

What's the deal with Tesla? The status of Musk's other public company remains an open, highly debated topic. There's been lots of speculation that the companies will eventually combine forces.

However, Musk didn't hint at anything during Tesla's earnings call a few weeks ago. Investors will be watching to see if that remains the case with his debut for SpaceX.