SpaceX’s first public earnings call is live and the numbers are insane 🔥 Q2 2026: • Revenue: $7.81B (+92% YoY) • Adjusted EBITDA: $3.53B (+191% YoY) • Net loss narrowed to $541M • Starlink subscribers: 12 million (doubled YoY) • $14.1B in new Cloud Services Agreements • Capex $18.3B (mostly AI) • $100B cash + $47.5B backlog Key call notes so far: – Going exclusive on Nvidia GPUs (“best architecture”) – >2 GW compute by end of 2026 → closer to 10 GW by end of 2027 – Two successful Starship V3 tests in 90 days – Acquiring Cursor for $60B to accelerate AI – Elon: we’re playing the 5-10+ year game (Moon & Mars bases). Short-term earnings may take hits and that’s fine. First public report and they’re already operating at this scale. What do you think — undervalued or fully priced in? $SPCX