SpaceX's first-ever earnings show a loss and huge spending

SpaceX has delivered its first-ever quarterly business report, which showed revenue nearly doubled but its spending skyrocketed.

The company, run by Elon Musk, builds space rockets and Starlink internet satellites and owns the social media platform X. It began trading on the US stock market in June.

SpaceX said its revenue had grown 92% to $7.8bn (£5.8bn) compared with a year ago, but its spending was up more than 550% to $18.3bn, on top of a net loss of $2bn during the first six months of the year.

Its stock fell nearly 9% in after-hours trading, effectively wiping out gains made during the day.

Since making history with its largest-ever public listing, and then briefly eclipsing much larger and more established companies like Microsoft and Amazon in total market valuation, SpaceX has struggled to hold on to investor enthusiasm.

Its stock has steadily drifted down in price since reaching an on-the-day high of $176 in June.

It has been trading lower than its original $135 per share debut price for the last several weeks.