SpaceX, the company led by Elon Musk, has published its inaugural quarterly business report, showing a net loss of $2bn during the first six months of the year. The report indicated that while revenue grew by 92% to $7.8bn (£5.8bn) compared to the previous year, spending surged by more than 550% to $18.3bn.
The company, which constructs space rockets and Starlink internet satellites and owns the social media platform X, began trading on the US stock market in June. Following the report's release, SpaceX's stock declined by nearly 9% in after-hours trading, erasing gains made earlier in the day.
Since its public listing in June, SpaceX's stock has seen a steady decline in price, trading below its initial $135 per share debut price for the past several weeks. The company has reportedly struggled to maintain investor enthusiasm since briefly surpassing the market valuation of companies like Microsoft and Amazon.