What Happened
Elon Musk's Company Sees Revenue Surge Amid Heavy Spending
SpaceX, the rocket and satellite company run by Elon Musk, reported a smaller loss than expected in its first quarterly report as a public company. The company saw a surge in revenue, driven by its Starlink satellite communications service, which doubled its subscriber base to 12 million. SpaceX also sharply boosted spending, particularly on artificial intelligence, and plans to test the reusability of its Starship rocket at the end of the month. The company’s stock rose 9% in regular trading, but gave most of the gain back after hours, as reported by the Associated Press.