SPCX
A great quarter, followed by a very expensive eye-roll
SpaceX did what investors usually beg a company to do: it put up numbers that look like they were designed by a supercomputer. Revenue hit $7.81B and adjusted EBITDA came in at $3.54B, which is the kind of quarter that normally gets the confetti cannon going.
But the market had a different vibe. SPCX slipped about 8% after earnings, which tells you the headline wasn’t really “growth.” It was “how much capital does this thing need to keep growing?” That’s a very different dinner conversation.
Starlink is the cash machine — everything else is the bill
Starlink is doing the heavy lifting here, and then some. The business generated $4.29B in revenue and $1.66B in operating profit, basically acting like the reliable older sibling who keeps the whole family from being grounded.
Meanwhile, AI and Space together posted roughly $1.80B in operating losses. Translation: the core engine is strong, but the company is still pouring money into the next phase of the story. Investors love the story. They’re just doing the math with a raised eyebrow.
What this means for investors
This is the classic “amazing business, uncomfortable valuation” setup.
- The growth is real.
- The profitability is real, too.
- The capital intensity is also very real, and apparently that’s the part the market is obsessing over.
Big picture: SpaceX is proving it can make a lot of money. The question now is whether it can keep scaling without making investors feel like they’re funding a moon mission with a garden hose.