On Wednesday, SpaceX surged over 9% in pre-market trading. SpaceX Q3 Earnings Beat Expectations: AI Business Becomes Largest Revenue Source.

According to its Q3 financial report, SpaceX generated third-quarter revenue of $14.575 billion, up 161% year-over-year and beating market expectations of approximately $12.87 billion; diluted earnings per share came in at $0.35, also topping market expectations of around $0.13. Net income reached $4.404 billion, compared to a net loss of $1.054 billion in the same period last year, while adjusted EBITDA rose from $2.169 billion to $8.809 billion.