Stocks making the biggest moves midday: SpaceX, Meta Platforms, Super Micro Computer, Roivant Sciences & more

Elon Musk's SpaceX delivered strong earnings, outperforming expectations and sparking a rally in the stock market. The company reported a 161% year-over-year revenue growth, reaching $14.58 billion, which surpassed analysts' expectations of $12.72 billion. SpaceX's earnings per share (EPS) came in at 45 cents adjusted, compared to an expected 13 cents.

The company's operating income was $2.8 billion, and net income was $4.4 billion, marking a significant turnaround from a net loss of $1.05 billion in the same period last year.

SpaceX's largest business, the Super Intelligence (SI) segment, saw revenue grow ninefold to $7.56 billion, up from $813 million in the previous year. The segment's growth played a crucial role in driving the overall revenue surge. In addition to Super Intelligence, SpaceX's Starlink satellite internet service expanded its subscriber base to 13.6 million people, up from 12 million, and has service in 174 countries with over 11,000 satellites orbiting the Earth.

Founding CEO Elon Musk delivered a bold statement on social media platform X, suggesting that $1T in revenue by 2028 is no longer impossible. This timeline is even more ambitious for Musk, who had previously estimated the milestone wouldn't be reached until 2030. In August, Musk had been discussing the possibility of achieving the $1T revenue goal by 2029, acknowledging a "non-zero chance" of the target being achieved in 2029.

Musk hinted at a potential merger with his other company, Tesla, during the earnings report, calling it "a good idea." The merger discussion came just before Tesla was set to report its third-quarter earnings after the market closed on the day of SpaceX's earnings release.