SpaceX posts first profit as Musk floats Tesla merger

SpaceX reported its first-ever quarterly net profit of $4.4 billion for Q3, beating expectations by $2 billion, while Elon Musk announced a potential merger with Tesla is under study, sending shares sharply higher Wednesday. The aerospace company's stock surged following the announcements. A year earlier, SpaceX posted a net loss of $1.1 billion. Analysts noted operating profit was $2.79 billion, with financial items like interest on cash reserves also contributing to the strong result. Musk, SpaceX's principal shareholder, has not provided further details on the proposed Tesla merger timeline or structure. The news marks a significant milestone for the private space firm, which has long prioritized growth over profitability.