SpaceX Reports Near Doubled Revenue Amidst Significant Spending Increase in First Earnings Report
The space exploration company's initial financial disclosure reveals substantial revenue growth alongside a dramatic rise in expenses and a net loss.
SpaceX has released its first-ever quarterly business report, detailing a significant increase in revenue coupled with a sharp rise in spending. The company, founded by Elon Musk, which is involved in building space rockets, operating the Starlink satellite internet service, and owns the social media platform X, began trading on the US stock market in June.
According to the report, SpaceX's revenue climbed 92% to $7.8 billion in the period compared to the previous year. However, its expenditures surged by over 550% to $18.3 billion. This resulted in a net loss of $2 billion during the first six months of the year.
Following the release of these figures, SpaceX's stock experienced a decline of nearly 9% in after-hours trading, reportedly erasing gains made earlier in the day. Since its initial public offering, which briefly saw its market valuation surpass that of established companies like Microsoft and Amazon, SpaceX has faced challenges in sustaining investor interest. The stock price has gradually decreased from its intraday high of $176 in June and has been trading below its debut price of $135 per share for several weeks.