SpaceX stock's first earnings expose a liability hiding behind Starlink growth

SpaceX stock (NASDAQ: SPCX) reversed a 9.4% regular-session gain and fell 7.8% after hours on Tuesday, even after the rocket company delivered revenue above Wall Street forecasts in its first earnings report as a listed business. Second-quarter sales nearly doubled to $7.8 billion, beating expectations near $6.8 billion, while the connectivity division led by Starlink generated $4.3 billion.