Q1 revenue $14.7M, vs. Street

Q1 revenue $14.7M, vs. Street expectations of $39M, a gap of over 60%. Loss per share $0.66, Street expected $0.24, loss nearly tripled. Operating expenses $164.1M, engineering and administrative expenses climbed significantly.

Only bright spot: Full-year guidance maintained at $150–200M, cash reserves $3.5 billion, no short-term shortage of money. Obtained FCC authorization allowing 248 satellites to provide commercial services in the US. Technically, Block 1 satellites peaked at 98.9 Mbps download; Block 2 is expected to double. Market cap once reached 32 billion, while Q1 actual revenue was $14.73 million. Launch execution is the most critical variable this year—3 satellites in mid-June, followed by 20+. Blue Origin let a satellite enter the wrong orbit last month; execution risk is real.

SpaceX Surges 9.7% — Is AI Becoming Its Top Business Segment by September Realistic?

SpaceX +9.65%, extending the post-lockup rally. The trigger: Musk forecasting AI becomes its largest segment by September, far sooner than assumed — moving the valuation story from launch and Starlink to compute. The debut print: revenue +92% YoY, a beat; AI losses narrowing faster than expected; AI capex running hot, first flagged as a problem, now read as front-loaded spend. Cathie Wood added on the pullback; JPMorgan reset its target. Value SpaceX on Starlink and launch cash flow, or on AI compute optionality?

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