Earlier this week, Space Exploration Technologies (NASDAQ: SPCX), better known as SpaceX, surprised Wall Street with an impressive third-quarter earnings report. Elon Musk's space exploration and artificial intelligence (AI) company generated $14. 6 billion in revenue and reported $4. 4 billion in net income, reversing a loss of $1. 1 billion in the year-ago quarter. At first glance, these results suggest SpaceX reached an important profitability milestone. But a finer detail buried in the company's 10-Q deserves closer attention. SpaceX recognized a $561 million gain associated with its equity investment in The Boring Company, another business founded by Musk.
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