SpaceX releases first interim report: Revenue up 92%

SpaceX has unveiled its first interim financial report, revealing a significant increase in revenue and detailing the financial performance of its burgeoning ventures.

In the second quarter, the space and technology company generated $7.8 billion in revenue, a 92% surge compared to the same period last year. This growth was primarily fueled by its satellite internet service, Starlink, and its artificial intelligence business. The connectivity segment, which includes Starlink, accounted for over half of SpaceX's revenue and was substantially profitable, reporting an operating profit of $1.66 billion.

Despite the revenue growth, SpaceX recorded a net loss of $541 million for the quarter. The company's AI business, in particular, incurred an operating loss of $1.26 billion. These figures were released shortly before a piece of an old SpaceX rocket was set to impact the moon.

SpaceX went public earlier this summer in what was the largest IPO in history. The stock price initially surpassed $200 but has since fallen to around $125. Founder Elon Musk, who owns about 42% of the company's shares, holds over 80% of the voting power due to his majority ownership of Class B shares. Musk briefly became the world's first trillionaire following the IPO, though he lost the title as the stock price declined.