SpaceX Q2: A Monster Beat, A Broken Valuation (Strong Sell)

Space Exploration Technologies Corp. aka SpaceX delivered a spectacular Q2, with $7.81B in revenue and $3.54B in adjusted EBITDA, beating expectations across nearly every major business line. Yet SPCX stock fell about 8% after earnings. Investors were not questioning the growth; they were questioning how much capital SpaceX must spend to produce it. Starlink remains the economic engine of the group, generating $4.29B in revenue and $1.66B in operating profit while AI and Space posted combined operating losses of roughly $1.80B.