Musk backs SpaceX-Tesla merger after rocket firm posts first profit

thehindu.com [$] —

Elon Musk said Tuesday he would support a merger of SpaceX and Tesla, following SpaceX's first quarterly profit since its IPO, driven by AI computing rentals. SpaceX reported net income of $4.4 billion for July-September, reversing a $1.1 billion loss a year earlier, with revenue jumping 161 percent to $14.6 billion. Musk noted special committees of independent directors at both companies are studying the idea, though any deal faces a high shareholder approval hurdle. The AI division, called "Super Intelligence," became SpaceX's largest revenue source at $7.6 billion, surpassing Starlink's $5.2 billion. SpaceX invested $19.6 billion in the quarter, mostly in AI, and completed its first revenue-generating Starship flight carrying 26 Starlink satellites.


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Musk backs SpaceX-Tesla merger after rocket firm posts first profit | News Minimalist