SpaceX has released its first quarterly financial results since entering the US stock market in June, highlighting a period of aggressive expansion and significant capital expenditure. While the company reported a 92% year-over-year revenue increase to $7.8 billion, its spending surged by more than 550% to $18.3 billion, resulting in a $2 billion net loss for the first half of the year.
The company's performance triggered a nearly 9% decline in its stock price during after-hours trading, continuing a downward trend that has seen shares fall below their initial $135 debut price. Despite the market reaction, CEO Elon Musk remains optimistic about the firm's trajectory, projecting that total revenue could reach $1 trillion by 2030.
A key bright spot for the company is its Starlink satellite internet division, which generated $1.6 billion in profit during the second quarter. Musk expressed confidence in the unit's future, suggesting that Starlink could eventually provide the majority of the world's internet connectivity. Additionally, SpaceX is investing heavily in compute power for artificial intelligence, with plans to expand its data center capacity from 1.4 gigawatts to at least 10 gigawatts by next year. Currently, the company's AI segment reported a $1.2 billion loss on $2.5 billion in revenue, while its core rocket business recorded a $542 million net loss.
Looking ahead, SpaceX finance chief Bret Johnson indicated that capital spending will remain at current levels for the remainder of the year. Addressing investor concerns, Musk stated that he believes the market is "underestimating" the company's potential.
Source: BBC News
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