SPACEX CRUSHES Q2 REVENUE TARGETS, AI LOSSES SHRINK

The aerospace and satellite communications company posted its first quarterly results as a public company following its June IPO. Connectivity revenue, driven by Starlink, reached $4.29B in the quarter. Despite beating revenue targets, SpaceX stock dropped 5% in after-hours trading. The company maintains a $47.5B order backlog and holds $100B in cash and marketable securities. The improving AI losses signal progress toward profitability in that segment, though the division remains a significant cash drain. Starlink's strong performance underpins the company's core business, while the broader aerospace division continues scaling operations. The stock decline suggests investor concerns may extend beyond the quarterly metrics, potentially reflecting broader market sentiment or guidance issues not detailed in preliminary reports.