Tesla revenue flat as Elon Musk eyes possible SpaceX deal

Tesla's revenue flattened out in the third quarter, but the company launched robotaxi service and humanoid production while still managing to spend far less than expected.Why it matters: Investors are scrutinizing AI outlays, with some concerned about the sustainability of the heavy spending that's propping up the economy.Driving the news: Tesla reported $4.7 billion in capex in the third quarter.That was more than double the amount from the same period a year earlier but still far below S&P Capital IQ expectations of $7.8 billion.Zoom in: The company's revenue declined less than 1%, to $28 billion, missing expectations of $28.2 billion.Net income fell 43%, to $787 million, trailing expectations of $925 million.The big picture: Wall Street's view of Tesla is increasingly focused on its AI ambitions, self-driving car plans and energy storage business — and less on the blocking and tackling of selling EVs to individuals.Tesla shares rose 1.7% in after-hours trading.Tesla also disclosed Wednesday that it has begun initial production of the Optimus humanoid robot, which CEO Elon Musk has described as a world-changing product."While we will continue to iterate on the hardware and manuf…

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