SpaceX said on Thursday that its stake in Elon Musk's The Boring Co. netted the company an investment gain of $561 million during the third quarter. The gain accounted for more than half of SpaceX's "other income" in the period and boosted its net income, which landed at just over $4 billion, the company said in its quarterly financial filing with the Securities and Exchange Commission. Created inside SpaceX in 2017 and spun out a year later, Boring Co. says its mission is to "revolutionize transportation" by creating underground tunnels with stations where passengers can board and exit. Last month, Boring Co. raised $3 billion at a $23 billion valuation, with backing from the United Arab Emirates and a roster of other longtime Musk supporters.
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