SpaceX stock jumped 10% Wednesday after the company reported surging revenue growth in its third quarter, and owner Elon Musk floated a potential SpaceX-Tesla merger.
The space company, which made its debut on the Nasdaq in the biggest initial public offering ever in June, reported third-quarter revenue on Tuesday of $14.6 billion, up 161% from the previous year, and beating LSEG consensus estimates of $12.72 billion.
Meanwhile, its operating income came in at $2.8 billion, with net income of $4.4 billion, after reporting a net loss of $1.05 billion in the same period a year earlier.
On an earnings call, Musk said he's considering a combination with Tesla — which would mark the largest merger in history — and that the boards of both companies have created specific committees to discuss a consolidation.
"I do think there's a lot of merit to combining the companies as we are pretty much in the superintelligence singularity, and there's a lot to be gained from cooperating," Musk said on the call. Tesla is set to report third-quarter earnings after the closing bell on Wednesday.