Daijiworld Media Network - New Delhi

New Delhi, Oct 20: Elon Musk-backed SpaceX is set to report its third-quarter earnings on Tuesday, with the company's stock having plunged nearly 35 per cent from its peak following its stock market debut.

The results will mark the company's second quarterly earnings report since its stock market debut in June and come after a volatile period for its shares.

Investors will closely monitor whether growth in its Starlink satellite internet business can support the company's expansion plans amid rising investments in artificial intelligence-related ventures.

The stock has retreated about 35 per cent from the record high it reached shortly after its listing.

The earnings announcement is expected to provide fresh insights into demand for Starlink services, a key growth driver for the Elon Musk-led company.

Investors are also likely to assess management's outlook on spending for new technologies and AI-linked businesses, which could influence expectations for future earnings.

SpaceX is scheduled to release its September-quarter results after the close of US markets on Tuesday.

The announcement comes during a closely watched week for Musk-led companies, with electric vehicle maker Tesla scheduled to report its quarterly results on Wednesday.

SpaceX shares ended the previous trading session on a positive note at $147.96 on Nasdaq. However, the stock has declined more than 5 per cent over the past week and 3 per cent over the past month.

Earlier in the week, Musk announced plans to give one SpaceX share to every child in the United States next year.

In a post on the social media platform X, the company's chief executive officer described the move as the first of several such initiatives.

“Next year, I will give one of my SpaceX shares to every kid in America. This will be the first of many,” Musk wrote.

According to a US exchange filing, Musk held a 48.4 per cent stake in SpaceX as of June 30. The filing also indicated that he owned approximately 6.42 billion shares in the company.

His holdings included 849.5 million Class A shares and 3.92 billion Class B shares held through trusts in which he serves as trustee.

Additionally, Musk directly owned approximately 1.30 billion restricted Class B shares and held rights linked to stock options covering another 350 million Class B shares.