SpaceX's first quarter as a public company beat consensus revenue by 13.6%, and its AI segment turned EBITDA positive on $14.1 billion of contracted Cloud Services Agreements, two years earlier than our model assumed. We read the quarter against the Mach33 SpaceX Gigamodel, segment by segment, and record what we are revising.

The sharpest technical objection to SpaceX's orbital AI plan is not power or heat. It is that modern AI models are designed to run across hundreds of interconnected chips... so we model how a typical 72 GPU NVDA rack would perform as a node in comparison. Forcing a frontier model into one satellite forgoes up to 44% of achievable output. The penalty is real but not permanent, better software, slimmer models, and models designed to fit the satellite could reduce it to near parity over time.