SpaceX released its first results since its IPO, posting quarterly revenue of $7,8 billion, up 92% year-over-year. Its net loss was reduced to $541 million, a better-than-expected performance that nevertheless failed to reassure the markets: the stock was still down about 7% after the close.
Listed on Wall Street on June 12 in an offering that raised $85,7 billion, the company has lost nearly half its value since its peak. Investors are primarily concerned about the $18,4 billion spent in a single quarter to fund Starship, computing infrastructure, and artificial intelligence projects.
Starlink is now funding Elon Musk's immense ambitions
With 12 million subscribers and $4,3 billion in quarterly revenue, Starlink remains the group's most profitable business. The AI division, meanwhile, tripled its revenue in three months, reaching $2,6 billion, thanks to leasing computing power to companies like Anthropic and Google. This growth, however, requires considerable investment.
SpaceX is no longer just a rocket manufacturer: launches now represent barely more than 10% of its revenue and remain unprofitable. Elon Musk promises thousands of launches annually, satellites dedicated to computing, and, eventually, data centers in orbit. The next results will have to show whether the profits from Starlink and US military contracts are truly sufficient to finance these projects without permanently increasing the group's losses.
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