SpaceX posts 92% rise in revenue in debut earnings report

SpaceX, the rocket and satellite communication company founded by Elon Musk, disclosed its first earnings report as a public entity, revealing a substantial loss of $541 million, or 9 cents per share, in the quarter ending June. This loss, although significant, was less than Wall Street anticipated and marked a 90% increase in revenue to $7.8 billion, compared to the same period last year.

Musk prepared to address investors and analysts during an upcoming conference call. The company's shares have plummeted by nearly half since their IPO, following investor concerns over Musk's overpromising on space travel and colonization prospects. The shares surged 19% on their debut, catapulting Musk to trillionaire status, which subsequently plummeted his wealth to $783 billion, according to Forbes.

Musk's SpaceX, which runs a money-losing AI business and social media platform X (formerly Twitter), is set to release more than 900 million shares into trading, diminishing supply and contributing to the stock's decline. The Starship rocket, currently under testing, aims to facilitate lunar missions for NASA and may soon utilize giant arms at SpaceX's Texas-based Starbase launching site to retrieve spacecrafts.