SpaceX, led by Elon Musk, on Tuesday reported quarterly profit that beat market expectations. Satellite communications and leasing computing power to other companies made the main contribution.
For the three months ended in September, net profit was $4.4 billion, or 35 cents per share. That is more than double Wall Street forecasts and a reversal from a loss a year earlier. Revenue rose 161% to $14.6 billion.
For a company that recently became public, these results are a sharp turnaround after more than a year of losses. After the close of trading, the shares rose 2.2%.
Earlier, the stock was under pressure from concerns that SpaceX is spending too much on major projects to compete with rivals such as OpenAI and Anthropic. Capital expenditures (spending on long-term assets such as equipment and infrastructure) in the last quarter were $19.6 billion, almost three times more than a year earlier.
Thus, the company turned a profit but continues to invest actively in development. The experts surveyed do not give recommendations, but merely note: financial indicators improved against the backdrop of revenue growth, but the sustainability of this trend is not yet clear.