SpaceX's Q3 profitability lets it fund much more of its buildout, significantly reducing the need for outside financing. Revenue of $14.6B and adjusted EBITDA of $8.8B beat even the high cases; free cash flow was still -$10B after $19.6B of capex. SpaceX said new compute deals price a bit above $30-$50 per watt with payback under a year, though Q4 capex is guided to $35-$40B. Starlink subscribers fell just short of the low case but beat the Street, and consumer revenue grew 26%. x.com  x.com  … Show more

SpaceX's surging AI revenue and Starlink profits could make today's expensive valuation look cheaper as earnings catch up. Q3 revenue rose 161% to $14.6B; Super Intelligence brought in $7.6B, Starlink earned $2.37B in operating income, and backlog reached $63B. Q1 2027 revenue guidance is $33B-$37B versus ~$22B expected. A path to $200/share depends on meeting guidance and sustaining compute pricing and utilization; $35B-$40B in Q4 capex brings financing, dilution and execution risks. x.com 

SpaceX's growing connectivity profit improves its business case, but spending still leaves self-funded growth unproven. Starlink users rose from 12m to 13.6m and ARPU from $66 to $69; connectivity earned $2.4B of $2.8B operating profit. The $4.4B net profit includes non-operating and tax gains, while AI's operating margin is about 5.7%. Quarterly capex exceeded revenue at $19.6B, with $35-40B planned for Q4. Valuation still requires evidence of cash returns. x.com 

SpaceX's AI business now exceeds Starlink in revenue, making the company much more than a rocket builder. AI revenue reached $7.6B versus Starlink's $5.2B, while total revenue rose 161% to $14.6B and adjusted EBITDA rose 306% to $8.8B. What SpaceX is building is incredibly bullish. x.com 

SpaceX's Super Intelligence revenue growth and turn to operating profit are encouraging, while Starlink supplies an established earnings base. SI revenue reached $7.56B, up about 830% year over year, and swung to $431M operating profit; Starlink generated about $2.4B operating income. Substantial AI capex is the key financial risk, making margins, free cash flow and ROIC critical over an 18-36 month horizon. x.com 

SpaceX's revenue ambitions look implausible against current sales and the risk of overbuilding chips. Revenue is $14 billion this quarter, and even the Street's $120 billion forecast for next year looks aggressive. Its costs are within its control, leaving the risk heavily skewed against investors. x.com 

SpaceX's compute outlook improves as Anthropic commits more spending and institutions fund its GPU expansion. Anthropic's S-1 lists up to $120.5B in SpaceXAI compute purchases through 2029; Pimco bought $4B of the roughly $40B Apollo-led GPU debt package. The GPU lease is expected to close before year-end and entails about $40B in principal payments, not new shares. Elon Musk says Starlink Mobile will take 2-3 years to build out, versus the 4-6 years estimated by Verizon's CEO. x.com  x.com  x.com  … Show more

SpaceX's AI business and profitable growth challenge calls for its stock to go much lower. Q3 revenue reached $14.6B, up 161%, with $4.4B profit and $7.6B from AI. A Tesla merger is being discussed. x.com 

SpaceX's capital-intensive super-intelligence business makes its $2 trillion valuation hard to justify. At a reported 6% SI margin, even doubling that margin would require roughly $1 trillion in annual revenue to make the math work, about 18 times current quarterly revenue annualized. The extraordinary outcome is already priced in. x.com  x.com  x.com  x.com  x.com  x.com 

SpaceX's projected growth is challenging the earlier overvaluation case, though the reassessment is still in progress. A VJN.ai chart projects revenue 273.3% higher by Q4 2027, even as the company is valued at $2 trillion. x.com  x.com