SPACEX BOOKS A $561M UNREALIZED GAIN ON ITS BORING CO. STAKE

Summary from the TLDR Hardware newsletter

SpaceX recorded a $561 million non-cash gain in Q3 from its minority stake in The Boring Co., more than half of its "other income," lifting net income to just over $4 billion. The mark-up follows Boring Co.'s $3 billion raise last month at a $23 billion valuation, backed by UAE investors. Boring Co. started inside SpaceX in 2017 and was spun out a year later.