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SpaceX posts nearly doubled revenue but spending surges in first report
Revenue rose 92% to $7.8 billion, but spending climbed more than 550% to $18.3 billion, contributing to a $2.0 billion net loss in the first six months.
SpaceX delivered its first-ever quarterly business report since becoming a publicly traded company in June, showing revenue nearly doubled while spending surged sharply, according to BBC Business.
The company reported revenue up 92% to $7.8 billion versus a year earlier, but spending increased more than 550% to $18.3 billion. SpaceX also posted a net loss of $2.0 billion for the first six months of the year, and its stock fell nearly 9% in after-hours trading.
During a call with financial analysts and investors, Elon Musk said people may be underestimating the business. Starlink was highlighted as the part of SpaceX currently making a profit, generating $1.6 billion in second-quarter revenue, and Musk said he expects Starlink’s growth to be exponential.
Musk also discussed plans for SpaceX’s compute power business tied to artificial intelligence projects, saying it has 1.4 gigawatts of capacity ready to use now, with development targeting at least 10 gigawatts sometime next year. SpaceX finance head Bret Johnson said capital spending would remain at a similar level for the rest of the year, and Musk said he still expects SpaceX could reach $1 trillion in revenue by 2030.