AUG 5, 2026

SpaceX's First Public Quarter: AI Segment EBITDA Turns Positive Two Years Ahead of Our Model

On August 4, 2026, SpaceX reported its first quarter as a public company: revenue of $7.81 billion against a $6.88 billion FactSet consensus, up 92...

MAY 20, 2026

Breaking Down AI EBITDA Margins: SpaceX's Three Capture Models

Last week, we covered the revenue distribution across the AI compute stack: how the dollar end customers pay for AI services breaks down across the...

MAY 13, 2026

Breaking Down the AI Revenue Stack: SpaceX's Three Capture Models

What is one gigawatt of AI compute worth in annual revenue, and how does that dollar distribute across the value chain that produces it?At NVIDIA's...