Musk Backs SpaceX-Tesla Merger

It's Benzinga, bringing Wall Street to Main Street. Elon Musk said Tuesday that a merger between SpaceX and Tesla would be a good idea, confirming both companies have formed special committees to discuss a potential deal, according to Reuters. Shares rose 4.9% in extended trading following the announcement and the company's first quarterly profit since going public. SpaceX reported adjusted earnings of $0.45 per share, beating estimates of $0.13. Revenue surged 161% to $1458 billion, driven by AI revenue that climbed nearly tenfold to $756 billion. Net income reached $4.4 billion, reversing a $1.1 billion loss a year earlier. Musk projected annual recurring revenue could reach $500 billion to $1 trillion by the end of 2027. While SpaceX expects continued heavy investment in AI infrastructure. For all things money, visit Benzinga.com.