SpaceX revenue soars 161% as AI business grows
ABC News - Breaking News, Latest News and Videos • • business
Key Points:
- SpaceX reported a 161% revenue increase for the quarter ending in September compared to the previous year, driven largely by growth in its AI and Starlink satellite internet businesses, resulting in a $4.40 billion profit after a prior loss.
- The company’s connectivity segment, including Starlink, generated $5.2 billion in revenue for the quarter, a 69% rise year-over-year, while its AI unit turned profitable with $431 million in operating income after previously incurring losses.
- Following the earnings announcement, SpaceX shares rose nearly 4% to about $153.30, contributing to the company’s valuation of nearly $1.95 trillion.
- Elon Musk pledged to give every child in the U.S. a share of SpaceX stock next year, a donation valued at nearly $11 billion based on current share prices, reflecting about 1.1% of his net worth.
- The earnings report and Musk’s stock giveaway come amid ongoing debates about AI’s economic impact, including concerns over inflation, job displacement, and security risks from autonomous AI systems.
