SpaceX's first financial report is here! What does it mean that the market fell first and then rose, despite exceeding expectations in revenue and accelerating the narrowing of losses?!? The first financial report submitted by SpaceX performed well overall: Revenue continues to grow beyond expectations, and the profit side is also accelerating the reduction of losses. More importantly, the three major businesses of rockets, Starlink, and AI have all undergone positive changes. Specifically, let's take a look: 1. Rocket launches: As the number of launches increases, the unit price and profit margin actually increase The rocket launch revenue in the second quarter reached 960 million US dollars, higher than the market expectation of 870 million US dollars, a year-on-year increase of 29%. This quarter, the external commercial launch of Falcon 9 reached 10 times, higher than the 7 times in the first quarter and the 9 times in the same period last year, mainly due to the increase in launch missions for large customers. More noteworthy is that the revenue from a single launch is expected to increase from $54 million in the same period last year to approximately $65 million. The number of launches has increased, and the unit price is still rising, mainly due to the optimization of customer structure and the increase in the proportion of major customers. The profit side is equally impressive. The gross profit margin of the rocket business increased by about 11 percentage points compared to the previous quarter, reaching about 66%. Even if the cost of starship test flights, including rocket hardware losses, is directly included in the current launch cost, the gross profit margin of the rocket business still rises against the trend. Behind this is SpaceX's strong pricing power: there is still a lack of mature, low-priced, and competitive alternative suppliers in the market. In terms of starships, the 13th integrated flight test IFT-13 was completed in July, deploying the first batch of V3 satellites, verifying the secondary ignition capability of the Raptor engine in space, and obtaining important data on the insulation status. Although the booster failed to ignite again due to some engines, resulting in a hard landing and damage, the second landing attempt as a V3 booster is still a controllable technological iteration. 2. Starlink: To B/G business explosion, user growth meets expectations In the second quarter, Starlink's revenue reached 4.29 billion US dollars, higher than the market expectation of 3.88 billion US dollars. Revenue exceeded expectations, mainly due to growth in To B/G business. At present, SpaceX has signed onboard WiFi agreements with multiple airlines and put them into use; The Star Shield business has also secured multi-year contracts worth over $6 billion from the US government. In terms of C business, the number of Star Chain users has grown to 12 million, nearly doubling year-on-year, with a net increase of about 1.7 million month on month, which is basically in line with market expectations. At the same time, the company continued to maintain price stability this quarter, with an ARPU of approximately $66 per month. Mobile communication services have also entered an acceleration phase. SpaceX has obtained the right to use the 65MHz spectrum within the United States, as well as multiple global mobile satellite service spectrum licenses. Although this business is still in its early stages, SpaceX is ready to compete head-on with traditional telecom operators: We plan to launch V2 mobile satellites using the EchoStar 65MHz spectrum starting next year and build ground networks to compete for market share with AT&T, Verizon, and T-Mobile. 3. AI business: Revenue exceeds expectations, profit margin significantly improves The AI business revenue in the second quarter reached 2.56 billion US dollars, higher than the market expectation of 2.08 billion US dollars. The main driving force is that the computing power leasing contract signed between SpaceX and Anthropic has begun to contribute revenue. The monthly fee for this contract reaches 1.25 billion US dollars. The gross profit margin of AI business is about 57%, and the operating profit margin is about -49%, which is significantly better than the market expectation of -115%. Against the backdrop of high demand for computing power, SpaceX has significantly improved the profit margin of its AI business by offering a premium on computing power leasing. According to estimates, SpaceX's rental price per GW of computing power is about $30-50 billion, far higher than its peers' $10-15 billion. But there is also a risk here: The current AI leasing agreements all include a clause that "either party can terminate with 90 days' prior notice". This means that although SpaceX's current AI revenue is strong, the certainty of long-term revenue is still limited. Final summary SpaceX's financial report is indeed good, but a good report does not mean that the stock price will rise immediately. Its stock price logic is somewhat similar to Tesla: In the short term, it still heavily relies on event catalysis rather than solely relying on performance realization. In addition, the upcoming large-scale lifting of restricted shares in August 2026 may also bring direct pressure to stock prices. Next, the market will focus on several key milestones: Can starships achieve complete reuse; Can V3 satellite be launched in bulk for the first time; Can the performance of Grok 5 exceed expectations; Can AI computing power rental orders continue to be signed. SpaceX is gradually approaching breakeven, but what really determines its valuation ceiling is not this financial report, but whether it can fulfill all these stories in the future. SPCX