SpaceX reported $14.6 billion in third-quarter revenue, up 161% year-over-year, driven by growth in its artificial intelligence and Starlink businesses. The company posted $4.4 billion in net income, reversing a $1.1 billion loss recorded a year earlier and exceeding expectations of $1.88 billion. SpaceX shares rose 8% in after-hours trading to nearly $160 following the results. Elon Musk also confirmed that SpaceX and Tesla have formed committees to discuss a potential merger. Musk projected $500 billion to $1 trillion in annual recurring revenue by the end of 2027.
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