SpaceX Reports $14.57 Billion Revenue as Institutional Investment Grows
SpaceX reported quarterly revenue of $14.57 billion and saw increased institutional investment as CEO Elon Musk forecast $500 billion in annual recurring revenue by 2027.
Space Exploration Technologies Corp. reported quarterly revenue of $14.57 billion and earnings per share of $0.35, surpassing analyst estimates. The company's financial performance prompted Argus to upgrade the stock to a buy rating, while analysts at Cantor Fitzgerald and Pivotal Research raised their price targets.
Institutional interest grew during the third quarter, with Means Investment Co. Inc. acquiring a new stake of 4,327 shares and Brighton Jones increasing its holdings by 1,824.7%. M Holdings Securities Inc. also increased its position in the company during this period.
CEO Elon Musk forecast that the company could exceed $500 billion in annual recurring revenue by December 2027, identifying U.S. government contracts as the primary driver for this growth.
Internal corporate changes included the resignation of board director Donald Harrison on November 4. Additionally, COO Gwynne Shotwell sold 342,170 shares of company stock on September 22 under a pre-arranged trading plan.
