SpaceX Books $561 Million Boring Co. Gain, Lifting Q3 Net Income Above $4 Billion
Updated
Updated · CNBC · Oct 23
SpaceX Books $561 Million Boring Co. Gain, Lifting Q3 Net Income Above $4 Billion
3 articles · Updated · CNBC · Oct 23
Summary
$561 million from SpaceX's stake in The Boring Co. made up more than half of third-quarter other income and helped push net income to just over $4 billion, the company said in its SEC filing.
The gain followed Boring Co.'s $3 billion fundraising last month at a $23 billion valuation, backed by the United Arab Emirates and other longtime Musk supporters.
Boring Co. has announced about a dozen city projects, but only its Las Vegas tunnels are open to the public; a roughly 20-mile Nashville loop has drawn fresh sinkhole-safety concerns this week.
SpaceX also disclosed $151 million of Tesla Megapack purchases in the quarter, after Elon Musk said this week that SpaceX and Tesla had formed special committees to discuss a possible merger.