The last two points about political factors went a bit far and can’t really be disproven, so let’s pull it back and analyze this from a capital perspective. The biggest highlight of this SPCX earnings report is undoubtedly the better-than-expected profits. Among them, internet services brought in $2.367 billion, accounting for about 85%, SI business contributed $431 million, and the aerospace business reported a $7 million loss. So, where did these profits come from? A big part of it is due to compute power leasing turning losses into gains. Essentially, it’s still the same old game of moving money from one pocket to another. The bulk of the $7.56 billion SI revenue came from Anthropic and Google. Anthropic’s operating cash flow couldn’t cover its compute power bills, and the gap was filled by funding rounds from Google and Amazon. Now, here’s the kicker: Google is not only an investor in Anthropic but also a tenant of SpaceX and holds about 4.18% of SpaceX’s shares. In other words, the money starts at Google, flows through Anthropic back to SpaceX, and then returns to Google as equity gains, forming a closed loop. This is a textbook example of how U.S. stocks maintain high valuations these days. The NVIDIA cycle has already proven this thoroughly, but this time the chain is longer, and the friction might be greater. In today’s market, whether or not a company is profitable, the willingness to spend money is still seen as a sign of confidence in future profitability (though this logic seems to be nearing its end). So, in a way, Anthropic’s aggressive spending actually supports its IPO valuation. From this perspective, it’s no surprise that SPCX’s earnings beat expectations this time. Whether it’s meeting its own needs or paving the way for Anthropic’s November IPO, this is the optimal move for now. Both companies are in the same pricing window and serve as comparable benchmarks for each other, with the same group of investment banks underwriting them. @BITstocks_CN Buy U.S. stocks on BIT, 10,000+ U.S. stocks and ETFs, real holdings, enjoy dividend payouts. #Investing #Finance #SPCX #Anthropic #Google #Amazon #IPO #BITstocks https://bitstocks.cn