SpaceX Reports Record Revenue, Skyrocketing Spending
SpaceX, led by Elon Musk, has released its first-ever quarterly business report, revealing 92% revenue growth to $7.8bn, but a 550% increase in spending to $18.3bn. The company's stock fell nearly 9% in after-hours trading. Musk cited Starlink's $1.6bn profit and expected exponential growth in AI compute power sales.
Key points
- SpaceX, led by CEO Elon Musk, reported revenue growth of 92% to $7.8bn in its first-ever quarterly business report.
- The company's spending skyrocketed by 550% to $18.3bn, resulting in a net loss of $2bn in the first six months of the year.
- Starlink, SpaceX's profitable business, brought in $1.6bn in the second quarter and is expected to grow exponentially in the coming years.
- Musk expects rapid growth in AI compute power sales, with the company's capacity set to increase from 1.4 gigawatts to at least 10 gigawatts next year.
Sources
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