SpaceX, which was founded by Mr Musk, said quarterly revenues nearly doubled from a year ago to $7.8bn – surpassing analysts' forecasts of $6.8bn. Deutsche Bank said investors had been rattled by "higher AI ... spending". Mr Musk hailed "another milestone year" for the company, which is behind the Starlink Wi-Fi system as well as Starship space rockets and AI data centres. "This financial strength gives us substantial capacity to invest in Starship, Starlink broadband and mobile satellites and our AI platform while maintaining a disciplined long-term capital allocation framework." SpaceX's main business is centred on launching rockets and providing satellite internet through its Starlink service but Mr Musk is increasingly using the company to drive his AI ambitions.