SpaceX Reveals Holding in Musk's Boring Co Generated $561 Million in Investment Returns

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SpaceX indicated that its holdings in The Boring Co under Elon Musk generated an investment income of $561 million in the third quarter, exceeding half of the 'other income' for that period and pushing net profit to just over $4 billion. The company also disclosed that it purchased Tesla Megapack energy storage systems worth $151 million during that quarter.

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SpaceX stated on Thursday that its holdings in The Boring Co under Elon Musk generated an investment return of $561 million in the third quarter.

In its quarterly financial reports submitted to the U.S. Securities and Exchange Commission (SEC), SpaceX stated that this revenue accounted for more than half of the "other income" for that quarter and contributed to an increase in the company's net profit. SpaceX indicated that the net profit for that quarter was slightly over $4 billion.

The Boring Co was founded within SpaceX in 2017 and later split off a year later. The company claims its mission is to "revolutionize transportation" by building underground tunnels with passenger boarding and alighting points. Last month, The Boring Co raised $3 billion in financing at a valuation of $23 billion, with investors including those from the United Arab Emirates and a group of individuals who have long supported Elon Musk.

The Boring Co. About ten city projects have been announced, but currently, the only tunnel open to the public is in Las Vegas. Passengers can take Tesla vehicles to travel back and forth between the downtown convention center and multiple casino resorts using their Las Vegas Convention Center Loop.

Last July, The Boring Co reached an agreement to build a tunnel approximately 20 miles long in Nashville, Tennessee. The project, known as Music City Loop, is designed to use Tesla vehicles to transport paid passengers between the city center and the airport. The project sparked partisan controversy when it was approved, and this week it has raised new safety concerns due to the risk of collapse.

In the United Arab Emirates, The Boring Co plans to build tunnels exceeding 150 kilometers (93 miles), including the Dubai Loop project announced last February.

SpaceX also stated in the file from Thursday that the company purchased Tesla Megapack energy storage systems worth $151 million this quarter. Musk said on Tuesday during the SpaceX earnings call that he believes a merger between the two companies would be a "good idea," and mentioned that both parties have established special committees to discuss the potential transaction.

[Video] Analysts believe that if Tesla's merger ultimately comes to fruition, it could boost the stock price of SpaceX in the long run.

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