Some of this data was revealed during the company’s first quarterly earnings call since it became a publicly traded company․ SpaceX’s revenue was $7․8 billion in the second quarter of 2023‚ which was a 92% increase year-over-year․ In the third quarter‚ SpaceX reported a net loss of $541 million‚ beating analyst expectations and improving from the previous quarter’s loss of $4․3 billion‚ but still saw stock prices decrease over 8% in after-market trading as investors were concerned about SpaceX’s heavy spending on artificial intelligence․
The company spent $18․4 billion in capital expenditures during the quarter‚ compared to consensus estimates of $13 billion․ Nearly $16 billion of that spending was the result of its AI business‚ xAI‚ as SpaceX ramps up investments in artificial intelligence infrastructure․ While AI revenue grew 247% year-on-year‚ Starlink was the only profitable segment for the company with revenue up 66%․
Investors also weighed the upcoming expiration of SpaceX’s insider lock-up period, which will allow early investors and employees to begin selling shares. During an earnings call, CEO Elon Musk said the company could reach $1 trillion in annual revenue as early as 2029 or 2030, a forecast that is far more optimistic than current analyst estimates.
Related Readings:
