SpaceX beat on almost everything, and the stock still fell post market. - Revenue came in at $7.8 billion versus about $6.81 billion consensus - The loss was smaller than feared, $0.09 per share versus an expected $0.29 loss - Adjusted EBITDA was $3.5 billion versus $2.0 billion expected. What sank the stock was capex. Capital expenditures jumped more than sixfold from a year earlier to $18.37 billion, most of it, $15.83 billion, in AI. The quarter reduced revenue risk, but valuation and execution risks remain extreme. At 40x sales and over 100x adjusted EBITDA, SpaceX still requires near-perfect execution. A lockup expiry on August 6 frees roughly 900 million-plus insider shares, about $100 billion, a supply shock landing two days after the report.(BloFin Research)