SpaceX recorded a $561 million unrealized gain on its holding in The Boring Co. in the third quarter, a paper gain that contributed to net income exceeding $4 billion, CNBC reported.
CNBC said its report drew on SpaceX’s quarterly filing with the U.S. Securities and Exchange Commission (SEC). The gain represented more than half of the company’s other income during the quarter, the outlet reported.
The tunneling venture traces its origins to work conducted within SpaceX in 2017; it was operating as a separate company by 2018, CNBC reported. The Boring Co. says its aim is to change transportation through underground routes and passenger stations, where riders can board or exit.
CNBC reported that the company had disclosed plans for roughly a dozen city projects; Las Vegas was the only place where its tunnels were open for public use. Tesla vehicles carry passengers between the downtown convention center and casino resorts on that route.
In Nashville, the proposed Music City Loop is intended to connect downtown with the airport across about 20 miles. A deal reached in July 2025 calls for Tesla vehicles to carry paying passengers, CNBC reported. The project’s fast-tracked approval became a partisan dispute, while sinkhole risks prompted fresh safety concerns that week, the outlet said.
The Boring Co. also plans more than 150 kilometers of tunnels in the United Arab Emirates. Dubai Loop, one of the projects, was announced in February 2025, CNBC reported. The United Arab Emirates and other supporters backed the company’s $3 billion September raise, which valued it at $23 billion, the outlet reported.
SpaceX posted revenue of $7.814 billion and a net loss of $541 million for the quarter ended June 30, according to EconoTimes’ earlier coverage of its second-quarter results.
