New Delhi, Oct. 21 -- Shares of SpaceX jumped 9% to $161 in early premarket trade on Wednesday, October 21, after Elon Musk's space and satellite venture reported its first quarterly profit since going public in June, driven by strong growth in its artificial intelligence (AI) business.

SpaceX's revenue climbed 161% to $14.58 billion in the three months ended September 30 from a year earlier. Revenue from AI surged nearly tenfold to $7.56 billion, largely driven by renting out data centre capacity to developers such as Anthropic, Alphabet's Google and Reflection AI, rather than by revenue from its own models.

Musk said the company was targeting $1 trillion in annual recurring revenue by 2028, as demand for its data centre capacity surge...