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SpaceX's AI story has two very different scoreboards
Q2 AI revenue hit $2.56B and adjusted EBITDA turned positive at $1.15B
But the same division still posted a $1.26B operating loss and spent $15.83B on capex
For Q3, I'm less interested in how fast compute capacity grows than whether each new dollar of capacity can earn an attractive return
Revenue momentum isn't the same as capital efficiency
#SpaceXQ3Earnings
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