Key facts
- SpaceX reported $4.4 billion in net income for Q3.
- SpaceX's Q3 revenue grew 161% year-over-year.
- SpaceX's capital expenditures were $19.5 billion in Q3.
- SpaceX expects Q4 capital expenditures to double from Q3.
- Elon Musk targets $1 trillion in annual revenue by 2028.
- Committees are exploring a potential merger between SpaceX and Tesla.
SpaceX reported robust third-quarter financial results, surpassing analyst expectations for both earnings and revenue, and achieving profitability for the first time. The company posted earnings per share of $0.45, significantly above the $0.13 forecast, and revenue of $14.5 billion, a 161% year-over-year increase and higher than the $12.7 billion expected. Net income reached $4.4 billion, a substantial improvement from a $1 billion loss in the prior year's period. Following the announcement, SpaceX shares surged as much as 12% to $166.12 before slightly paring gains. Analysts are closely examining the company's aggressive investment spending, with capital expenditures at $19.5 billion for the quarter and projections to double that amount in the next quarter. CEO Elon Musk also presented ambitious revenue targets, suggesting SpaceX could achieve $1 trillion in annual revenue by 2028. Musk confirmed that committees have been formed to explore a potential merger between SpaceX and Tesla.