ASX set to rise as SpaceX AI revenue surges ninefold

The Australian share market is expected to open higher, with futures up 0.4%, following a positive session for US stocks where the Dow gained 1%. This comes after the ASX 200 fell 0.3% yesterday. SpaceX shares surged 2.5% in after-hours trade after the company beat estimates, with third-quarter revenue jumping 161% to $US14.58 billion. AI revenue rose more than ninefold to $US7.6 billion, driven mainly by renting data-center capacity to developers like Anthropic and Google. Capital expenses nearly tripled to $US19.6 billion as SpaceX invests heavily in compute infrastructure. The AI unit still operates at a loss, and analysts suggest a potential merger with Tesla could be announced before its annual meeting.