SpaceX revenue nearly doubles, but company still reports losses

SpaceX, Elon Musk's aerospace company, has reported a near doubling of its revenue in the most recent quarter, reaching $7.8 billion. This significant financial growth was primarily fueled by the performance of its Starlink satellite internet service.

However, the company continues to post net losses, with the latest quarter showing a deficit of $541 million, down from approximately $1 billion in the same period last year. The Starlink division, a key revenue generator, saw its income increase by nearly two-thirds year-over-year, reaching about $4.3 billion. The number of Starlink customers also grew substantially, from 10.3 million to 12 million within three months.

SpaceX went public in mid-June with a record revenue of $75 billion, achieving a valuation of nearly $1.8 trillion at its debut. The company justifies the disparity between its current financial results and its valuation by highlighting its ambitious plans in artificial intelligence and its ongoing expansion of Starlink's capabilities, including direct-to-smartphone satellite service.