First quarterly profit since listing, with results far exceeding market expectations. The Q3 earnings report released in late October was the key catalyst for this round of valuation recovery: quarterly revenue reached $14.575 billion, surging 161% year over year and far exceeding analysts’ expectations of $12.72 billion; quarterly net profit was $4.4 billion, reversing a loss from the same period last year and vastly surpassing the market estimate of $1.57 billion; its AI business grew explosively, up as much as 830% year over year, becoming an entirely new growth engine. The report completely overturned the market’s ingrained perception of “long-term losses at aerospace companies,” proving that SpaceX is no longer merely a cash-burning tech concept, but has achieved commercial success with high growth and profitability across both aerospace and AI. After the report was released, the stock surged more than 8% in after-hours trading at one point.#SPCX