SpaceX Just Guided for A $100 Billion Run Rate by December and $1 Trillion of Revenue by 2030.
Here’s Why the Stock Is Getting Crushed Anyway Space Exploration Technologies Corp (NASDAQ:SPCX) reported strong revenue growth in the second quarter of the year, and lofty forward guidance
But the stock traded roughly 11.2% lower in pre-market hours, as of 8:05 a.m. ET, with investors worried about the company’s hefty spending plans. Total revenue of over $7.8 billion grew nearly 92% year over year and roughly 66% from the first quarter.
The company generated an operating loss of $143 million, a significant improvement from the prior quarter and year-over-year. Segment-adjusted EBITDA also nearly tripled from a year ago. CEO Elon Musk, on a conference call, told Wall Street analysts that the company expects to reach a $100 billion annual revenue run rate by December of this year and $1 trillion of annual revenue by 2030, a year ahead of the company’s previous guidance.