SpaceX drops its first earnings report, revealing $6.9B in projected revenue but a $0.26 per-share loss — a stark reminder that the rocket company is still bleeding cash, especially after merging with xAI and pouring billions into AI infrastructure. While their launch business struggles, Starlink shines as the only profitable segment, expected to generate nearly $4B this quarter with over 12 million subscribers. New $10 equipment rental fees and higher subscription prices are fueling revenue, but analysts remain wary, with some calling for a “sell” rating, citing potential years before SpaceX becomes cash-flow positive. The real money? It’s in the satellites — not the rockets.
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