SpaceX revenue soars 161% as AI business grows

Elon Musk-led aerospace giant SpaceX grew revenue by 161% over three months ending in September compared with the same period a year earlier, according to an earnings release issued on Tuesday.

The surge in revenue was owed in large part to a significant expansion of the company's businesses centered on artificial intelligence and Starlink, a satellite internet service, the earnings showed.

SpaceX said it earned overall profit of $4.40 billion in its most recent quarter, turning around from a loss of $1.05 billion in the same three-month period a year earlier.