SpaceX (SPCX)

The sleeper story isn't the $14.6B revenue beat or the SI segment's eye-popping growth, it's that SpaceX stopped disclosing its cash balance the same quarter it guided Q4 CapEx to nearly double to $35-40 billion, after explicitly stating $100B of cash just one quarter ago. The obvious headline, SI as the 'standout growth driver' at $7.6B revenue and $5B adjusted EBITDA, is real, but GAAP operating income for that segment was only $431 million, a gap Bret attributes largely to Cursor-related stock comp. The binding constraint right now isn't demand, Elon is explicit that 'we're going to face a shortage of superintelligence compute... for a long time', it's turbine blade/vane casting capacity, which he says is '12 to 18 months behind the rest of the turbine' industry-wide, plus a funding plan that leans on undisclosed cash and multiple pools of capital in debt markets rather than a stated balance sheet number. My view changes if the 10-Q shows cash still comfortably above $50-60B and the subscriber discrepancy (13.6M vs 14M) turns out to be a simple rounding/timing issue rather than a sign of looser internal reporting discipline.