3 Houston innovators to know this week

Who's who

This week's innovators to know include University of Houston business school Dean Paul Pavlou, the PR Boutique's Karen Henry, and SecurityGate Founder Ted Gutierrez. Photos courtesy

As another week begins, there's a few people you should know within the business and innovation world of Houston.

This week's Houston innovators to know includes a quick-thinking business school dean leading a college virtually, a public relations expert with the reasons you need to focus on social media for your business, and an entrepreneur who's providing key resources for business owners looking to safely get workers back in the office.

Paul Pavlou, dean of the C.T. Bauer College of Business at the University of Houston

Courtesy of The University of Houston

The University of Houston's C.T. Bauer College of Business is going to remain completely online only through the summer. And, while that might present some challenges for students and staff, Dean Paul Pavlou says he's actually seeing an increase in enrollment. Plus, the virtual platforms allow faculty to support more classes.

"One advantage of online learning is it's very flexible — we aren't confined to the classroom," Pavlou says on this week's episode of the Houston Innovators Podcast. "We've opened up more sections and seats to make it easier for students to sign up." Read more and stream the episode.

Karen Henry, founding partner of The PR Boutique

Photo courtesy of the PR Boutique

Public relations expert Karen Henry, who founded the PR Boutique based in Houston, shared in a guest column for InnovationMap how key — especially in times like these — your company's online pressence is.

"We cannot work in silos; instead, we need to have a comprehensive approach, including tactics such as media relations, community partnerships, unique events, influencer collaborations, digital and traditional advertising, email marketing and social media," Henry writes.

Social media, she argues, can be a powerful, cost-effective tool. Read more.

Ted Gutierrez, CEO and founder of SecurityGate

Courtesy of Security Gate

Houston-based software startup SecurityGate Inc. specializes in cyber-risk management for companies, but this spring, SecurityGate shifted to a different type of risk management — keeping workplaces healthy in the wake of the coronavirus pandemic. The company launched a cloud-based wellness technology, available through an online platform and a mobile app.

"The biggest thing that I want people to know is you don't have to come up with your own workflow and you don't have to spend tons of money to get your people back to work," says Ted Gutierrez, co-founder and CEO of the three-year-old startup. "There's a company out there that is already doing this for a living, so this is the least we could do to help out." Read more.

Cybersecurity startup, SecurityGate, has developed a new feature in its technology to help support companies safely bring back employees into the office. Luis Alvarez/Getty Images

Houston startup releases new tool to help companies get employees safely back into work

tech tool

Houston-based software startup SecurityGate Inc. focuses on cyber-risk management for major energy, chemical, transportation, and defense companies. But this spring, SecurityGate shifted to a different type of risk management — keeping workplaces healthy in the wake of the coronavirus pandemic.

When SecurityGate recently started reopening the gates, so to speak, for its 15 employees to go back to the office after working remotely, the company wanted to track their health. So SecurityGate turned to Excel spreadsheets for employees to fill out a 10-point questionnaire aimed at gauging their health. It didn't take long, though, for the company to realize it could ditch the spreadsheets and layer the wellness questionnaire on top of its cyber-risk management software.

Now, SecurityGate is inviting companies inside and outside its core sectors to sign up for its cloud-based wellness technology, available through an online platform and a mobile app. The goal: Help employers incorporate health screenings into their return-to-work initiatives. Employers in North America and Europe can install the technology.

"The biggest thing that I want people to know is you don't have to come up with your own workflow and you don't have to spend tons of money to get your people back to work," says Ted Gutierrez, co-founder and CEO of the three-year-old startup. "There's a company out there that is already doing this for a living, so this is the least we could do to help out."

The wellness technology is a free add-on for customers of SecurityGate's existing products, a software-as-a-service platform and a mobile app for managing cybersecurity risks that threaten critical infrastructure. Gutierrez says those products help protect nearly 30 global facilities valued at $300 billion.

Companies that aren't customers of SecurityGate can take advantage of the wellness platform and app at no cost through at least July 31, Gutierrez says. Among the soon-to-be users of the coronavirus-inspired technology is a residential real estate firm in Houston with nearly 100 employees. While SecurityGate's current customers are big companies, the wellness technology should appeal to small, midsize, and large employers, he says.

"This is going to be opened up to any company that needs help. We believe that the majority of users that are going to sign up are companies ranging between 50 and 500 employees and in any industry," Gutierrez says.

By May 15, about 15 to 20 companies are expected to have signed up for the wellness technology, Gutierrez says. He envisions that number rising to 200 to 300 by June 1. The online platform should be ready in late May, while the mobile app should be available by June 1.

Each user of the wellness tool will receive a COVID-19 care package that includes items like face masks, gloves, and sanitizers.

Gutierrez says the technology can help monitor the health of not only on-site and off-site employees, but also contractors and office visitors. Any user of the technology can submit a coronavirus assessment without being directed to complete one, he says. It takes less than 90 seconds to fill out the wellness assessment.

"Traditionally with SecurityGate, the 'owner' of the SecurityGate platform has to assign [cyber-risk] assessments to facility owners," Gutierrez says. "This app is going to be able to get used at any given time by any user."

All of this data is funneled into a central database so that an employer can, for instance, order in-house coronavirus testing or ask employees to stay at home if they're exhibiting coronavirus symptoms, Gutierrez says. The data isn't automatically supplied to public health agencies, he says, although an employer could decide on its own to publicly report the data.

"This is purely a workforce management option," Gutierrez says. "It's still to be determined whether this turns into a revenue generator for us. The most important thing that we can do is to help whatever ecosystem needs help right now and get them back to work."

Gutierrez credits Cherise Esparza, co-founder and chief technology officer of SecurityGate, with being the primary driver of the return-to-work wellness effort.

"We are the risk management folks," Gutierrez explains, "and getting back to work safely is just as important as making sure that all your critical systems are working from a cyber perspective."

The Digital Fight Club made its Houston debut on November 20 at White Oak Music Hall. Emily Jaschke/InnovationMap

Photos: Houston innovation leaders weigh in on cybersecurity, tech, and more at inaugural event

total knock out

What do you get when you cross the information of an innovation panel with the ferocity of a boxing match? A verbal sprawling among innovation leaders that can only be known as the Digital Fight Club.

Houston's DFC came about with the help of Accenture, which had been a partner at the Dallas events, and InnovationMap, who teamed up as presenting sponsors for the event. DFC's founder, Michael Pratt, came up with the idea for Digital Fight Club as a way to liven up technology-focused events and networking opportunities.

The setup of the event is five fights, 10 fighters, and five judges. Each fighter has just a couple minutes to take their stand before the event moves on.

"This is Digital Fight Club," says Pratt, CEO of the company. "You get subject matter experts, and serious founders and CEOs on the stage and make them make their case. You learn something, it's a lot of fun, and it's a lot better than a panel."

The hour of fighting is coupled with a VIP event ahead of the showdown and an after party where further networking can continue on. At Houston's VIP event, InnovationMap got to check in with partners, fighters, and referees about how they thought the event was going to pan out. Check out the VIP event video here.

The panel of referees included Gabriella Rowe, CEO of Station Houston; Denise Hamilton, CEO of Watch Her Work; Tim Kopra, partner at Blue Bear Capital; Lance Black, Director at TMCx; and Barbara Burger, president of Chevron Technology Ventures.

The refs asked two questions per fight, and were able to vote on the winners of each round — as was the audience through an interactive web-based application. The break down of the fights, topics, and winners are as follows:

Fight #1: Future Workforce of Robotics/AI. Matt Hager, CEO of Poetic Systems, vs Pablo Marin, senior AI Leader, Microsoft. Hager took the win with 77 percent of the vote.
Fight #2: Whose responsibility is cybersecurity. Ted Gutierrez, CEO of SecurityGate vs Tara Khanna, managing director and Security Lead at Accenture. Khanna won this round, snagging 66 percent of the votes.
Fight #3: Oil & Gas Industry and the Environment. Michael Szafron - commercial adviser for Cemvita Factory, vs Steven Taylor, co-founder of AR for Everyone. Szafron received 76 percent of the voites, securing the win.
Fight #4: Digital in our personal lives. Grace Rodriguez, CEO of ImpactHub, vs Javier Fadul, chief innovation officer at HTX Labs. Rodriguez won with the largest margin of the night — 85 percent.
Fight #5: Future of Primary Care Geetinder Goyal, CEO of First Primary Care, vs Nick Desai, chief medical information officer at Houston Methodist. Goyal received 72 percent of the votes to take home the win.

The fights were heated, and some of the fighters had knockout quotes, from Hager's "AI is mostly bullshit" to Khanna's "Compliance doesn't mean you're secure." For more of the knockout quotes, click here.

The fight is on

Emily Jaschke/InnovationMap

Mike Pratt, who hosted the event, founded the Digital Fight Club in 2016.

Ten Houston innovators took the stage for five fights on the role technology plays in the future of industry. Emily Jaschke/InnovationMap

Overheard: Local fighters land knockout statements at Houston's first Digital Fight Club

Eavesdropping in houston

On Wednesday, Houston's innovation ecosystem hosted the rowdiest crowd at a professional business event that the city has ever seen.

Digital Fight Club, a Dallas-based event company, had its first Houston event at White Oak Music Hall on November 20 thanks to presenting sponsors Accenture and InnovationMap. The event featured 10 fighters and five referees across five fights that discussed cybersecurity, the future of primary care, and more.

"This is Digital Fight Club," says Michael Pratt, CEO of the company. "You get subject matter experts, and serious founders and CEOs on the stage and make them make their case. You learn something, it's a lot of fun, and it's a lot better than a panel."

If you missed the showdown, here are some of the nights zingers made by the entrepreneurs and subject matter experts that were the fighters of the evening.

"I believe that computers can get a lot of information to create [something new]. That's my job, that's what I do, and I see it done."

— Pablo Marin, senior AI leader at Microsoft, during the fight on robotics and AI in the workforce. Marin's argument was that artificial intelligence and robotics can and will replace all repetitive jobs. However, he also believes that computers have the ability to create, as well, based on their ability to see the whole world and have access to all the world's information.

"AI is mostly bullshit."

— Matthew Hager, CEO of Poetic Systems. Hager, who won the first fight of the night, responded to Marin that, while businesses like to believe that AI is actually able to deliver results so that they can sell more, the technology hasn't actually arrived yet. Plus, Hager says AI will never be creative without the human element. "Creativity is about who created it. It's about the photographer, not the camera," he says.

"What if the seatbelt laws and the speed limits were defined by Dodge, Ford, or Chrysler?"

— Ted Gutierrez, CEO and co-founder of Security Gate, who argued for government to take the reigns of cybersecurity. He adds that companies are never going to be able to agree to one set of rules. "We gotta get one group to set the standard, and it's up to everyone else to refine that and innovate for it," he says.

"Compliance doesn't mean you're secure."

— Tara Khanna, managing director and security lead at Accenture, who won the fight on cybersecurity needing to be figured out by the business industry. She argues that the private sector wins the war on talent and recruiting, so it has the money and resources to dedicate to the issue in more ways than the government ever will.

"I was born, I'm going to die, and there is nothing like earth in the universe as we know it. It is worth preserving and protecting."

— Steven Taylor, co-founder of AR for Everyone, in the fight over the oil and gas industry's responsibility to the environment. He argued that it's going to be a mix of policy and corporate initiatives that changes the industry.

"I think the free market is going to get there if the consumer has the choice to pick what they want to do."

— Michael Szafron, commercial adviser for Cemvita Factory, who took home the win for the oil and gas and the environment fight. Szafron's argument was that corporations are going to do what their consumers want, so that's who would drive them to action. "Let's look at California —very regulated environmentalists, and a million of those people get moved to Texas," he says.

"Disconnecting our personal lives from technology would not only limit ourselves, but it would also limit our capacity to adopt those tools to the needs of our society." 

— Javier Fadul, chief innovation officer at HTX Labs, during the fight on digital in our personal lives. Fadul argues that not only does technology allow us to connect worldwide, but disconnecting would prevent that technology from developing further.

"I love tech, but now that it's on all the time everywhere, we need to make time to unplug."

— Grace Rodriguez, CEO of Impact Hub Houston, who won the fight on personal technology. She says that yes, technology can help international connectivity, but it does more harm than good as people use personal tech as a default or distraction from humans right in front of them. "When your with people, be present," she says.

"Part of our innovation to redesign primary care is really to deploy technology out there to seamlessly provide care."

— Nick Desai, chief medical information officer at Houston Methodist, who argued that the future of primary care is new innovations within traditional medicine. He adds that virtual care, which is something Methodist is working on, can help improve accessibility.

"The future of primary care is here. It's called direct primary care." 

— Geetinder Goyal, CEO of First Primary Care, who won the fight on the future of primary care with his argument for a new, free market approach to medicine. Direct primary care opens up treatment and access to physicians with a monthly fee for patients to work outside of health care plans.

From tech innovators to recently funded startups and growing software companies, here's what you're reading this week. Pexels

5 top trending innovation stories in Houston this week

What You're Reading

Editor's note: The most read stories on InnovationMap this week cover a myriad of things — from tech innovators and Houston innovation events to recently funded startups and growing software companies. Here are the stories that you're reading.

3 Houston tech innovators to know this week

These three innovators are using their technology to provide solutions across industries. Courtesy photos

Innovation isn't always about being the first to create a technology. Sometimes, innovation is seeing the potential an existing technology has to impact a different industry. That's what all three of this week's innovators to know have done across industries. And, they are are only just getting started. Read the full story here.

5 Houston startups beginning 2019 with new capital

These five companies are starting 2019 out with some cash, and here's what they plan on doing with it. Getty Images

Finding growing Houston startups is as easy as following the money, and a few local companies are starting 2019 strong with a recent round of funding closed. InnovationMap has rounded up a few recent raises to highlight heading into the new year. Read the full story here.

Updated: 10 can't-miss innovation events for January

From enlightening talks to anniversary celebrations, here's where you need to be in January. Getty Images

Houston's innovation community is starting 2019 strong with plenty of business professional events. This story first published a few weeks ago, but has been updated to include new events. Read the full story here.

Houston software company looks to grow its workforce internationally

This growing Houston company is providing industrial industries with smart analytics. Getty Images

A Houston-based analytics-focused company is gearing up for growth in 2019 and plans to staff up its headquarters and remote offices abroad.

Arundo Analytics Inc. brings industrial companies — which sometimes are slow to adopt brand-new technology — into the world of machine learning and advanced analytics to help boost revenue, cut costs and reduce risks. Read the full story here.

Growing Houston cyber security company plans to hire

Houston-based Security Gate has grown 1,000 percent each year. Getty Images

Cyber security is constantly evolving, and, while information hacks are always a concern, worst-case scenarios could even be life threatening.

Houston-based startup, Security Gate, is addressing all of types of cyber security threats, says Ted Gutierrez, an Army special forces vet and co-founder and CEO of the company. Read the full story here.

These three innovators are using their technology to provide solutions across industries. Courtesy photos

3 Houston tech innovators to know this week

who's who

Innovation isn't always about being the first to create a technology. Sometimes, innovation is seeing the potential an existing technology has to impact a different industry. That's what all three of this week's innovators to know have done across industries. And, they are are only just getting started.

Sidd Gupta, founder of Nesh

Courtesy of Nesh

Sidd Gupta wanted to know what would happen if you took Siri or Alexa, sent her to college, made her an oil and gas industry expert, and allowed energy employees access to her information via a chat room. And that's pretty much what he's done with Nesh, a smart assistant for the energy industry. Read the full story here.

Kim Raath, CFO of Topl

Courtesy of Topl

When Kim Raath was backpacking around the world, she realize the social inequalities of entrepreneurs in struggling companies. Potential business owners couldn't get a loan for their businesses because banks didn't have the time to evaluate business plans. Topl uses blockchain technology to track the impact of money spent — from investments to donations and beyond. Read the full story here.

Ted Gutierrez, co-founder and CEO of Security Gate

Courtesy of Security Gate

According to Ted Gutierrez, an Army special forces vet, the startup life isn't too unfamiliar to his days in an Army reconnaissance unit.

"I love high-conflict, low-impact settings," he says. "It's you and a few guys and you're in a place for a week and you don't know what you'll find. I love that chaos of jumping out of a plane and right into the job."

Instead of protecting our country, Gutierrez's goal is protecting company's cyber security threats with his company, Security Gate. Read the full story here.

Ad Placement 300x100
Ad Placement 300x600

CultureMap Emails are Awesome

Property Showcase

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.

View All Listings