SpaceX reports profit as satellite and computing businesses surge

Summarised from 2 outlets · Updated 20 Oct, 22:32 · Archive

SpaceX reported net income of $4.4 billion in the three months through September, more than double Wall Street expectations.

SpaceX posted net income of $4.4 billion for the three months through September, more than double what Wall Street expected. This marks a sharp reversal from losses the company faced over more than a year. Revenue soared to $14.6 billion, up 161 per cent year-on-year.

The company, run by Elon Musk, attributed the profit to strong performance from its satellite communications operations and its business of leasing computing power to other companies. The stock rose 2.2 per cent in after-hours trading following the results.

Shares had faced pressure over concerns that SpaceX was spending too much on major projects to compete with rivals such as OpenAI and Anthropic. The company reported capital expenditures of $19.6 billion last quarter, nearly triple the figure from a year earlier.

How it is being reported

• SpaceX turns a profit after a string of losses as its satellite and computer leasing businesses soarSpaceX reported a bigger quarterly profit than expected Tuesday as its satellite communications operations and its business of leasing computing power to other companies boomed.News4Jax · 20 Oct, 21:49
• SpaceX turns a profit after a string of losses as its satellite and computer leasing businesses soarSpaceX reported a bigger quarterly profit than expected Tuesday as its satellite communications operations and its business of leasing computing power to other companies boomed.Clickorlando · 20 Oct, 21:49

In this story: SpaceX · Elon Musk · OpenAI · Anthropic

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