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SpaceX Revenue Soars 92% but Stock Slides After Earnings

Is SpaceX a $1.6 trillion house of cards built on hope or a $1 trillion revenue machine in the making?

AUG 5·Updated AUG 6

SpaceX Revenue Soars 92% but Stock Slides After Earnings

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Above: A SpaceX Falcon 9 rocket displayed at a SpaceX facility in Hawthorne, California, on Aug. 4. Image credit: Justin Sullivan/Getty Images

The Spin

Establishment-critical narrative

SpaceX is dramatically overvalued at a $1.6 trillion market cap, especially with Starship still unproven and AI spending ballooning to $18.4 billion in a single quarter. Revenue beating forecasts doesn't justify sky-high expectations when the only profitable segment — Starlink — missed subscriber targets. Until Starship reliably flies at scale, this stock is priced on hope rather than fundamentals.

Bloomberg

Alex_Avoigt on X

Pro-establishment narrative

SpaceX just posted 92% revenue growth year-over-year and locked in $6.7 billion in new cloud services contracts in just the first weeks of Q3 — that kind of momentum is impossible to ignore. Starlink already serves 12 million subscribers and is the only segment posting an operating profit, with room to expand massively. Heavy capital spending now is the price of building a $1 trillion revenue machine by 2030.

The Wall Street Journal

Sawyer Merritt on X