SpaceX Posts $561 Million Unrealized Gain on The Boring Co. Stake

SpaceX logged a $561 million unrealized gain on its investment in The Boring Co. during the third quarter, helping push quarterly net income above $4 billion. The gain reflected an increase in the value of SpaceX’s stake, not proceeds from a sale. It made up more than half of SpaceX’s other income for the period, while net income came in just above $4 billion. The tunneling company started as a SpaceX project in 2017 and became a separate company the following year. The Boring Co. secured $3 billion in September in a funding round that valued it at $23 billion.

Source: TokenPost