SpaceX's first earnings as a public company are a study in contrasts. Revenue nearly doubled to $7.8B, operating losses narrowed to $143M from $970M, and the stock popped 9.4% to $125.33. But zoom out: shares are still down about 44% from their post-IPO peak and sitting below the $135 IPO price. Meanwhile capex hit ~$18 billion in a single quarter, mostly funding AI compute. Musk's targeting a $100B revenue run rate by December. Big bet, bigger burn.(Lark Davis)