Houston Airports to explore autonomous, fully electric air taxis in Houston region

taking flight

The Houston Airport System announced a Memorandum of Understanding with Wisk Aero, a fully-owned subsidiary of Boeing. Photo via wisk.aero

A fleet of electric and autonomous air taxis is expected to take flight in Houston, thanks to a partnership between a California startup and the Houston Airport System.

HAS announced a Memorandum of Understanding with Wisk Aero, a fully-owned subsidiary of Boeing, which recently announced a similar partnership with the city of Sugar Land. For the next year, the company will identify vertiport infrastructure at Houston's three airports — George Bush Intercontinental Airport, William P. Hobby Airport, and Ellington Airport.

“During my time in the Texas senate, I voted for legislation supporting advanced air mobility. This public-private partnership marks a significant step forward for the City of Houston as we invest in innovative and sustainable modes of air transportation,” Houston Mayor John Whitmire says in a statement. “The collaboration underscores our commitment to pioneer advancements that will shape the future of urban mobility.”

Wisk will also develop Houston-area relationships and chart out flight paths for self-flying, electric vertical takeoff and landing (eVTOL) air taxis. The company's Generation 6 aircraft is autonomous, but a human supervisor remotely oversees every flight.

"Houston is at the forefront of aviation and aerospace innovation, so it’s only fitting that Houston Airports take the first steps to explore the next generation of air transportation,” says Jim Szczesniak, director of aviation for Houston Airports. “Our partnership with Wisk represents a bold step towards revolutionizing air mobility not just within our city, but across the entire Greater Houston region."

Earlier this year, Wisk partnered in a similar capacity with Sugar Land. The company and HAS will also work with the Federal Aviation Administration on this initiative.

“Our partnership with Houston Airports solidifies Wisk’s commitment to creating new and efficient ways to travel within the Greater Houston area and furthers our relationship with infrastructure and regulatory partners in the region," adds Brian Yutko, CEO at Wisk. “Connecting suburbs to Houston’s airports, business centers and prime tourist destinations through autonomous, sustainable air travel will create a new form of urban mobility and have tremendous economic and workforce impacts, supporting the growth of the Houston region.”

In addition to early infrastructure planning for maintenance and training facilities in Houston, the partnership means Houston Airports and Wisk will collaborate on integrating AAM into HAS's long-term plans.

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The new technology includes the addition of automated security lanes and high-tech scanners. Rendering courtesy of Houston Airports

City of Houston approves $13M for new security tech at renovated IAH​ terminal

hi, tech

A new terminal currently under construction at George Bush Intercontinental Airport just got the green light for new security technology.

This week, Houston City Council unanimously approved the funding for the new Mickey Leland International Terminal's security equipment. The Mickey Leland International Terminal Project is part of the $1.43 billion IAH Terminal Redevelopment Program, or ITRP, which is expected to be completed by early next year.

This new IAH International Terminal will feature an International Central Processor, or ICP, with state-of-the-art technology in a 17-lane security checkpoint — among the largest in the country — as well as ticket counters and baggage claim.

“Houston Airports strives to get passengers through TSA Security in 20 minutes or less. Today, we meet that goal at Bush Airport more than 90 percent of the time,” Jim Szczesniak, director of aviation for Houston Airports, says in a news release. “This investment in innovative technology will enhance our efficiency and ensure that our passengers have a world-class experience each time they visit our airports.”

Going through security at IAH is about to be smoother sailing. Rendering courtesy of Houston Airports

The funding approval came from two ordinances, and the first one appropriates $11.8 million from the Airports Improvement Fund to buy, service, install, and train staff on nine new automated screening lanes, called Scarabee Checkpoint Property Screening Systems, or CPSS.

Per the news release, each of these CCPS automated lanes "is capable of screening more than 100 additional people and bags/hour than existing equipment used today." Currently, Terminal D's TSA is using eight CPSS Lanes, so the additional nine lanes will bring the total to 17 lanes of security.

The other appropriates another $1.2 million from the Airports Improvement Fund to buy, install, maintain, and train staff on six new Advanced Imaging Technology Quick Personnel Security Scanners.

The new scanners, which don't require the traveler to raise their arms, "is capable of screening more than 100 additional people/hour than existing equipment used today," per the release.

“These new security screening machines are faster, have fewer false alarms and have improved detection rates, which creates a safer experience for our passengers and airlines,” Federal Security Director for TSA at IAH Juan Sanchez adds.

The Mickey Leland International Terminal originally opened in 1990 and is currently under renovation. Rendering courtesy of Houston Airports

Here's what Houston tech and startup news trended this year on InnovationMap in space tech. Image via Getty Images

Top Space City news of 2023: New Houston unicorn, an IPO, spaceport development, and more

year in review

Editor's note: As the year comes to a close, InnovationMap is looking back at the year's top stories in Houston innovation. In the Space City, there were dozens of space tech stories, from a space tech company reaching unicorn status to another completing its IPO. Here are five Houston space tech-focused articles that stood out to readers this year — be sure to click through to read the full story.


Local university gets green light to launch new building at Houston Spaceport

City of Houston has entered into an agreement with Texas Southern University to develop an aviation program at the Houston Spaceport. Photo via fly2houston.com

With a financial boost from the City of Houston, the aviation program at Texas Southern University will operate an aeronautical training hub on a two-acre site at Ellington Airport.

The Houston Airport System — which runs Ellington Airport, George Bush Intercontinental Airport, Hobby Airport, and Houston Spaceport — is chipping in as much as $5 billion to build the facility, which will train aeronautical professionals.

On May 3, the Houston City Council authorized a five-year agreement between the airport system and TSU to set up and operate the facility. Continue reading the full story from May.

Houston space tech startup closes deal to IPO

Intuitive Machines will be listed on Nasdaq beginning February 14. Photo via intuitivemachines.com

It's official. This Houston company is live in the public market.

Intuitive Machines, a space tech company based in Southeast Houston, announced that it has completed the transaction to merge with Inflection Point Acquisition Corp., a special purpose acquisition company traded on Nasdaq.

“We are excited to begin this new chapter as a publicly traded company,” says Steve Altemus, co-founder, president, and CEO of Intuitive Machines, in a news release. “Intuitive Machines is in a leading position to replace footprints with a foothold in the development of lunar space. With our launch into the public sphere through Inflection Point, we have reached new heights financially and opened the doors for even greater exploration and innovation for the progress of humanity.”

The transaction, which was originally announced in September, was approved by Inflection Point’s shareholders in a general meeting on February 8. As a result of the deal, the company will receive around $55 million of committed capital from an affiliate of its sponsor and company founders, the release states. Continue reading the full story from February.

Houston to host 6 Italian aerospace companies with new program

Six Italian companies are coming to the Space City to accelerate their businesses thanks to a new program. Photo via nasa.gov

It's an Italian invasion in Houston — and it's happening in the name of accelerating innovation within aerospace.

For the first time, Italy has announced an international aerospace-focused program in the United States. The Italian Trade Agency and Italian Space Agency will partner with Space Foundation to launch Space It Up, an initiative that will accelerate six companies in Houston.

“The launch of Space It Up marks a pivotal moment in our ongoing commitment to nurturing innovation and facilitating global partnerships," Fabrizio Giustarini, Italian Trade Commissioner of Houston, says in a news release. "This program serves as a testament to the collaborative spirit that defines the aerospace industry. It represents the convergence of Italian ingenuity and Houston's esteemed legacy in space exploration, setting the stage for unprecedented advancements." Continue reading the full story from August.

Houston space tech startup raises $350M series C, clinches unicorn status

Axiom Space CEO Michael Suffredini (right) has announced the company's series C round with support from Aljazira Capital, led by CEO Naif AlMesned. Photo courtesy of Axiom Space

Houston has another unicorn — a company valued at $1 billion or more — thanks to a recent round of funding.

Axiom Space released the news this week that it's closed its series C round of funding to the tune of $350 million. While the company didn't release its valuation, it confirmed to Bloomberg that it's over the $1 billion threshold. Axiom reports that, according to available data, it's now raised the second-most funding of any private space company in 2023 behind SpaceX.

Saudi Arabia-based Aljazira Capital and South Korea-based Boryung Co. led the round. To date, Axiom has raised over $505 million with $2.2 billion in customer contracts, according to the company.

“We are honored to team with investors like Aljazira Capital, Boryung and others, who are committed to realizing the Axiom Space vision,” Axiom Space CEO and president Michael Suffredini says in a news release. “Together, we are working to serve innovators in medicine, materials science, and on-orbit infrastructure who represent billions of dollars in demand over the coming decade. Continue reading the full story from August.

Texas university to build $200M space institute in Houston

Texas A&M University will build a new facility near NASA's Johnson Space Center. Photo courtesy of JSC

Texas A&M University's board of regents voted to approve the construction of a new institute in Houston that hopes to contribute to maintaining the state's leadership within the aerospace sector.

This week, the Texas A&M Space Institute got the greenlight for its $200 million plan. The announcement follows a $350 million investment from the Texas Legislature. The institute is planned to be constructed next to NASA’s Johnson Space Center in Houston.

“The Texas A&M Space Institute will make sure the state expands its role as a leader in the new space economy,” John Sharp, chancellor of the Texas A&M System, says in a news release. “No university is better equipped for aeronautics and space projects than Texas A&M.” Continue reading the full story from August.

City of Houston has entered into an agreement with Texas Southern University to develop an aviation program at the Houston Spaceport. Photo via fly2houston.com

Local university gets green light to launch new building at Houston Spaceport

cleared for takeoff

With a financial boost from the City of Houston, the aviation program at Texas Southern University will operate an aeronautical training hub on a two-acre site at Ellington Airport.

The Houston Airport System — which runs Ellington Airport, George Bush Intercontinental Airport, Hobby Airport, and Houston Spaceport — is chipping in as much as $5 billion to build the facility, which will train aeronautical professionals.

On May 3, the Houston City Council authorized a five-year agreement between the airport system and TSU to set up and operate the facility.

The facility will feature:

  • A 22,000-square-foot aircraft hangar
  • 20,000 square feet of aircraft apron
  • 7,200 square feet of office and training space
  • A 12,000-gallon, above-ground aviation fuel tank
  • Vehicle parking

Thanks to NASA and United Airlines, among other employers, Houston is home to more than 500 aviation and aerospace companies. Over 23,000 people in the Houston area work in the aviation and aerospace sector.

“The air transportation industry in Houston and across the United States is growing and provides career opportunities for those with the skills needed to succeed,” Houston Mayor Sylvester Turner says in a news release.

Mario Diaz, director of aviation for Houston’s airports, says the new training center will “invest in and inspire the next generation of aviation professionals.”

“The facility at Ellington Airport continues the illustrious story of Houston’s aeronautical history. … Soon, students at Texas Southern University will apply the crucial lessons learned at Ellington Airport to revolutionize the aviation industry,” says Diaz.

Terence Fontaine, executive director of aviation at TSU, says the facility will house his program’s eight aircraft. It also will provide “an enhanced environment for student learning opportunities as we work to address our nation’s critical aviation needs,” says Fontaine.

TSU’s College of Science, Engineering & Technology offers a bachelor’s degree in aviation science management for students pursuing careers at airports, airlines, air traffic control centers, and other employers in the aviation sector. More than 100 students are enrolled in the program.

In January, United CEO Scott Kirby warned that due to shortages of pilots and other airline workers, plans to bulk up capacity in 2023 and beyond “are simply unachievable.”

He noted that United, American Airlines, Delta Air Lines, and Southwest Airlines alone intend to hire about 8,000 pilots this year, compared with a historical range of 6,000 to 7,000 pilots per year.

“We believe any airline that tries to run at the same staffing levels that it had pre-pandemic is bound to fail,” Kirby said on a United earnings call, “and likely to tip over to meltdown anytime there are weather or air traffic control stresses in the system.”

Houston serves as one of United’s hubs. The local hub employs more than 12,000 people. On May 4, the airline held a career fair aimed at filling jobs at George Bush Intercontinental. United plans to add 3,000 employees in Houston by 2026.

Six Breezy One robots have landed in Houston's airports. Photo via buildwithrobots.com

Houston airports deploy disinfecting robots in their terminals

now boarding: automation

What stands four feet tall, measures 22 inches wide, and weighs about 265 pounds? One of the six robots that disinfect George Bush Intercontinental/Houston Airport and William P. Hobby Airport.

Last year, the Houston Airport System spent close to $1 million for six Breezy One robots made by Albuquerque, New Mexico-based Build With Robots. The robots, each costing $160,000, now help the airports’ human crews keep the two airports sanitized.

George Bush Intercontinental has four of the robots, and Hobby has two.

“Breezy One is an autonomous disinfecting robot. It moves on its own and disinfects any route that someone chooses at the push of a button. It disperses a disinfectant fog which reaches all surfaces, penetrates fabrics, and even disinfects the air,” according to Build With Robots.

The robot disinfects germy surfaces such as tables, chairs, doorknobs, and keyboards. A Breezy One robot can decontaminate more than 150,000 square feet of space in one hour with a patented, environmentally safe disinfectant, purportedly eliminating 99.9999 percent of viruses and bacteria. New Mexico’s Sandia National Laboratories developed the disinfectant.

Build With Robots, founded in 2017, launched Breezy One in 2020 at the Albuquerque International Sunport. The company developed the technology in conjunction with the City of Albuquerque’s Aviation Department. In January, Build With Robots announced it raised $5 million in funding. That was preceded by a seed round of about $1 million.

Before the disinfectant-filled robots go about their work, members of the Build With Robots team map the buildings where they’ll operate autonomously. The team members then load the maps into the robots. The robots follow commands given by a facility’s custodial team.

Traci Rutoski, manager of custodial services at Hobby, says Build With Robots “is providing us with the best tools to keep our passengers, employees, and stakeholders safe.”

Sam Rea, terminal manager at George Bush Intercontinental, says the Breezy One robots have enabled the airport to step up cleanliness in the COVID-19 era.

“With the onset of the pandemic, we needed to explore new and innovative solutions so that when people come through the airports, whether for work or travel, they feel safe and secure,” Rhea says in a news release.

Augusto Bernal, a spokesman for the Houston Airport System, says that while the disinfecting robots have been effective, there are no plans to add more of them.

Aside from the Houston Airport System and the Albuquerque airport, customers of Build With Robots include HVAC manufacturer Goodwin’s 4.2-million-square-foot operation at Daikin Texas Technology Park in Waller, Mount Vernon ISD in East Texas, the University of New Mexico in Albuquerque and Albuquerque’s Electric Playhouse amusement center. The robots, which can be purchased or leased, are designed to sanitize airports, arenas, stadiums, school buildings, and other heavily trafficked places.

Goodwin has installed one robot in Waller.

“This robot’s going to be able to clean 200,000 square feet of office and conference rooms in two, maybe two-and-a-half hours,” Charlie Strange, facilities manager at Goodwin’s Waller operation, told The Verge last November. “It would take my team all night long to do that — wiping down every surface by hand.”

The Access Houston Airports is optimized with tools for children with developmental disabilities to use during their travels in and out of Houston. Photo courtesy of the Houston Airport System

Houston Airport Systems launches app to improve accessibility

flight plan

Houston's two airports have a new digital tool to help its passengers with developmental disabilities better navigate their journey in and out of town.

George Bush Intercontinental Airport and William P. Hobby Airport have partnered with Chicago-based Autism innovation company, Infiniteach, to launch the Access Houston Airports mobile app. The free technology provides tools to children with autism or other conditions — as well as their caregivers — throughout their Houston Airport System experience.

"Houston Airports continues to embrace technology to go the extra mile to assist passengers of all abilities on their journey through our airports," says Jesus Saenz, Houston Airports' COO, in a news release.

The Centers for Disease Control and Prevention estimates that 13 percent of the United states have an "invisible" developmental disability like autism. Tim Joniec, the director of government relations and Americans with Disability Act coordination at HAS, says in the release that this translates to 20,000 daily Houston travelers.

"Houston Airports is introducing this app to ease anxiety for these families and provide information and resources that will make their visit to the airport an engaging and meaningful experience," Joniec says in the release.

The app uses researched-based strategies and features, including guides, short picture stories, scheduling tool, checklist feature, as well as caregiver information like terminal maps and support.

The app launch is just one improvement HAS has made. The organization has also conducted employee disability awareness training, Aira technology for the blind or low vision, service dog familiarization training, and nonprofit involvement through Southwest Airlines and United Airlines' annual Wings for all event.

Users can set a schedule for themselves, which can give them some comfort as they travel and accomplish tasks. Courtesy of HAS

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4 Houston health tech startups advancing medical innovation

meet the finalists

Houston has been driving medical innovation for decades. And thanks to leading hospitals, cutting-edge research and breakthrough technologies, the region’s healthcare ecosystem continues to improve how patients are diagnosed, treated and cared for.

The Health Tech Business category in our 2025 Houston Innovation Awards will honor an innovative startup within the health and medical technology sectors.

Four forward-thinking businesses have been named finalists for the 2026 award. This year's finalists, selected by our esteemed panel of judges, range from a startup developing miniaturized medical technologies for space to a company using AI to help develop cancer treatment plans.

Read more about these businesses, their innovative founders, and how they're shaping the future of health care below.. The 2026 winners will be announced on InnovationMap.com in mid-November.

Bairitone Health

Bairitone Health is bringing anatomy imaging for sleep apnea to the home environment. The company's platform maps users' anatomy during natural sleep using a facial patch to determine the root cause of airway obstruction. It then offers effective therapies for each patient.

The company was founded in 2022 in the Texas Medical Center's Biodesign program by CEO Meagan Pitcher, CTO Onur Kilic and chief medical officer Britt Cross. It was a member of Activate Houston's inaugural cohort and has participated in numerous accelerators and incubators. The company raised an oversubscribed seed round for $2.4 million earlier this year and received Breakthrough Device Designation from the Food and Drug Administration in April.

InformAI Inc.

InformAI Inc. develops fit-to-purpose AI solutions for the clinical setting. Its RadOncAI product recently received FDA 510(k) clearance. The product uses AI to create a first-pass radiation therapy dose plan for complex head and neck cancers in an effort to eliminate bottlenecks in radiation planning and ultimately cancer treatment. The company has also developed AI products for sinus disease detection and 3D organ reconstruction.

CEO Jim Havelka founded the company in 2017. It is participating in the Mayo Clinic Accelerate Platform. It has raised about $4 million in seed funding and has received numerous non-dilutive grants from the National Science Foundation, the National Institutes of Health and the Cancer Prevention and Research Institute of Texas. The company shared in its application that it plans to launch a Series A fundraising round and submit an FDA 510K application for its organ reconstruction product, Voluquant, by the end of 2026.

Prana Surgical

Prana Surgical is developing a minimally invasive surgical platform for small, hard-to-reach lung nodules that may be cancerous. The company's Prana System cleared U.S. Food and Drug Administration (FDA) approval earlier this year.

Prana Surgical was originally founded as Prana Thoracic in 2022. It has participated in numerous accelerators, including the Texas Medical Center Innovation Accelerator in 2023 and the IGNITE Health accelerator in 2022. It raised $6 million in Series A funding rounds in 2023 and 2024 , with a Series B currently ongoing. The company said in its application that it is currently moving into the next stage of clinical validation and revenue generation in the U.S., in addition to preparing its manufacturing and commercial infrastructure for broader use.

Skybound MedTech

Skybound MedTech develops technologies that aim to address the health risks of long-duration spaceflight. Its compact, miniaturized medical technologies can deliver complex therapies without a physician.

CEO Matthew Kuhn, who previously founded Taurus Vascular, founded Skybound last year. The company emerged from stealth in January after raising a $1.25 million Series A round. It plans to advance its lead dual-use platform into critical preclinical validation in November, the company shared in its application. It is currently raising a $25 million Series A round and is pursuing federal research partnerships with DARPA and ARPA-H.

Generation Park lands new facility to scale xeno-organ production

Organ innovation

Maryland-based United Therapeutics Corp. has opened a new 77,448-square-foot facility to manufacture xeno-organs in Northeast Houston’s growing biotech hub, Generation Park.

The new Houston location is United Therapeutics’ third Designated Pathogen-Free (DPF) site, named for transplant pioneers Dr. Bartley P. Griffith and Dr. Robert A. Montgomery. The company says the new facility will enable it to scale commercial production of its xeno-organs once they receive regulatory approval.

An existing DPF facility in Virginia is supporting clinical trials for the xeno-organs, and a third site in Minnesota will also focus on commercialization with the Houston site, according to the company.

Xeno-organs are organs taken from a non-human animal source and transplanted, implanted or infused into a human recipient.

Currently, United Therapeutics is advancing clinical trials to support a Biologics License Application with the U.S. Food and Drug Administration for its investigational-stage xenotransplantation, UKidney, UThymoKidney and UHeart products. The products all involve working with the genes from humans and pigs.

In 2025, Chron.com reported the company was working to construct an estimated $96 million facility to breed genetically engineered animals. Head of investor relations at United Therapeutics Dewey Steadman told the Houston Business Journal in 2025 that the pigs’ DNA will be edited. In November 2024, a 53-year-old woman in Alabama received a transplanted kidney from UKidney that had 10 gene edits. She had the transplant removed in April 2025, after her body rejected it.

The Dr. Bartley P. Griffith and Dr. Robert A. Montgomery Xenograft Production Facility requires a “strictly controlled, biosecure barrier environment, including air filtration, filtered water, filtered feed supplies, and state-of-the-art decontamination entryways,” according to the company. Being pathogen-free means it includes calibrated air and water conduits to support the transplantability of xenograft products and to prevent contamination. For energy considerations, the building also features solar arrays.

“With our third xenograft production facility now open and clinical trials underway, United Therapeutics is moving closer to its goal of providing transplantable organs to the people who need them,” Martine Rothblatt, chairperson and CEO of United Therapeutics, said in a news release. “It is fitting that this facility is named for Dr. Griffith and Dr. Montgomery, whose first-in-human surgeries turned xenotransplantation from a theoretical possibility into a clinical reality.”

The facility, which wrapped construction in August, is located at 11848 Common Dock Dr. in Generation Park, which will house manufacturing sites for pharmaceutical heavyweights Bristol Myers Squibb and Eli Lilly. Last fall, Eli Lilly tapped Generation Park for its $6.5 billion manufacturing plant, and Bristol Myers Squibb made a $2.3 billion investment in August to bring its state-of-the-art site to the master-planned commercial district.

Elon Musk's SpaceX reports profit as AI and satellite businesses booms

Booming Business

SpaceX reported a bigger quarterly profit than expected on Tuesday, October 20, as its satellite communications and artificial intelligence businesses boomed.

The company, run by Elon Musk, posted a profit for the three months through September 2026 of $4.4 billion, or 35 cents per share, reversing a year-ago loss and easily topping Wall Street's expectations. Revenue soared to $14.6 billion, up 161%.

On a conference call with analysts, Musk suggested a merger with his electric car company Tesla might be in the works, something that has been rumored for months. He said both companies formed “special committees” of independent directors to discuss the issue, though he played down the chances of an imminent deal.

“Some people out there assume that a SpaceX and Tesla merger is a certainty,” he said. “I think that would be overstating it.”

The AI business became SpaceX's largest by revenue in the third quarter, although the Starlink satellite service remains the biggest profit generator.

“They beat across all metrics and the Starlink business looks to be accelerating,” said Dan Ives, an analyst at Yorkville Ives. “This is just what (Wall) Street wanted.”

The stock rose 7.5% in after-hours trading.

Musk also told analysts that for next month's launch of its Starship rocket, SpaceX will attempt to grab both the booster and ship with mechanical arms upon return to base, a key step toward demonstrating it can reuse the massive spacecraft.

“The only way that we can extend consciousness beyond Earth on a sustained basis is with a fully reusable orbital launch vehicle,” Musk said, calling the attempt, if successful, “a massive technology milestone.”

SpaceX hopes to get Starship on a regular launch pattern in preparation for NASA's upcoming lunar missions.

The company already has huge contracts with the federal government, and House Democrats have called for investigations into those contracts and Musk’s work with the Department of Government Efficiency. Musk has spent $276 million since July in support of Republican candidates.

In a filing for its initial public offering in June, SpaceX warned that a change in control of Congress could have a “material and adverse impact on our growth and competitive position.”

Musk recently drew criticism from politicians in Washington after speeds for a military version of SpaceX's satellite communications service were slowed for Ukraine following President Donald Trump's deal to get more diesel oil from Russia amid a push to end the war. The Wall Street Journal reported Tuesday that it was Musk who ordered the slowdown, impeding Ukraine’s use of drones along the front. SpaceX did not immediately respond to an Associated Press request for comment on the Journal story.

Both Trump and Musk have denied responsibility for the slowdown.

As midterm elections near, Musk on Monday promised to give one share of SpaceX to “every kid in America” next year, though he provided no details on how the distribution would be carried out. With communities nationwide protesting the construction of large data centers and concerns about AI safety, AI companies are trying to build goodwill. Anthropic pledged to commit 5% of its shares to a new “public benefit” fund.

SpaceX shares have been under pressure over concerns that the company was spending too much on major projects to compete with rivals such as Anthropic. The company said capital expenditures totaled $19.6 billion last quarter, nearly triple the figure from a year earlier, and it forecast spending would grow to $35 billion to $40 billion in the current quarter.

Shares of SpaceX closed Tuesday at $147.79, down from a peak near $201 after its IPO, which made Musk the world’s first trillionaire at the time. But the share prices for SpaceX and Tesla have since dropped, reducing his net worth to $925 billion, according to Forbes magazine.

Tesla reports third-quarter financial results Wednesday. Last week, Tesla unveiled a new Roadster sports car that in some versions may include thrusters allowing it to briefly fly using SpaceX technology — though experts say anything usable for drivers is a long shot.

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