SpaceX profit beats estimates on 161% revenue jump, growth in AI, satellite internet businesses
Its shares rose as much as 4.7% as at 4.50 pm in New York
SpaceX surpassed analysts' expectations for quarterly revenue and profit, with its shares soaring as much as 4.7% in New York trading. The company reported a net income of US$4.4 billion for the quarter ending in September, compared to the average forecast of US$1.88 billion. Revenue grew by 161% year-over-year, also beating expectations.
Elon Musk's aerospace and AI conglomerate's AI business, now known as Super Intelligence (SI), generated US$7.56 billion, a nine-fold increase from a year ago. Starlink, SpaceX's satellite internet service, had 13.6 million subscribers by the third quarter, slightly below the 14.2 million expected by analysts, but revenue still increased by 69% year-over-year to US$5.25 billion.
Despite the record-breaking IPO in June and a market valuation of US$2 trillion, SpaceX's future growth plans remain costly and uncertain, such as building data centers in space and developing the reusable Starship rocket.
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