SpaceX made a $561 million investment gain in the third quarter from its stake in The Boring Co., Elon Musk's tunnelling firm, CNBC reports, citing SpaceX's quarterly filing with the US Securities and Exchange Commission. The gain made up more than half of the company's other income and helped lift net income to just over $4 billion.
Boring Co. began inside SpaceX in 2017 and was spun out a year later. It raised $3 billion at a $23 billion valuation last month. Its only tunnels open to the public are in Las Vegas, though it has projects planned in Nashville and Dubai.
The filing also showed SpaceX bought $151 million of Tesla's Megapack batteries during the quarter. Musk said this week that a merger of SpaceX and Tesla would be a good idea and that both companies have set up committees to consider it.
Source: CNBC
