SpaceX printing its first profitable quarter since the listing is genuinely a milestone, and the detail that matters is …
SpaceX printing its first profitable quarter since the listing is genuinely a milestone, and the detail that matters is the mix. The superintelligence unit out earned Starlink for the first time, which reframes this from a satellite play into something closer to an AI infrastructure name. The catch is spending. Capex ran well above operating cash flow and free cash flow was negative, so the profit is real but the cash burn is still heavy. The merger committee talk with Tesla adds a whole other layer of risk and optionality. Impressive quarter, complicated setup.
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