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$BTC SPCX no longer allocates capital like a launch company with 86% of its $BTC 18B quarterly capex flowing into AI compute infrastructure that generated $BTC 2.6B in revenue. Starlink remains the financial engine with $4.3B in revenue and $2.6B in EBITDA while the Space segment produced less than $1B and remained unprofitable. SpaceX increasingly operates as a profitable communications network and rapidly scaling AI platform with rockets serving as the strategic moat connecting everything together. #EarningsRealityCheck #SpaceXBeatEstimates #AMDBeatsButDrops