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Before SpaceX, the earnings report $SPCX 4 a.m. won't stay up late waiting for the report—I'm writing a preview in advance for sharing only What is the key focus of this SPCX financial report? 1. SPCX's financial reports cannot be viewed solely by the logic of traditional aerospace companies; the core should focus on balancing AI capital expenditure and revenue 2. Currently, the business that truly provides SPCX with profitability and cash flow is Starlink. Looking back at revenue for 2025 and Q1 2026, Starlink will be the company's main source of income. Therefore, Starlink's business growth, profitability, and whether it can support the company's current capital start are the most concerned topics in the market 3. The current market concern is whether Starlink's business profitability can cover SPCX's AI business and aerospace investment, and whether the company can prove the company has transitioned from "high growth, high cash burning" to "high growth but controllable cash flow." The market's biggest concern during Q2 earnings season is excessive capital expenditure and lack of effective profitability. 4. The development of AI business: If Starlink is the pillar supporting current operations, then SPXC's AI business will be the core profitability that supports future expectations. Investment is trading expectations and the future, so AI represents future profitability. Here, the focus is on the revenue generated by AI data centers and computing power businesses, The validation logic for this sector depends on AI revenue, AI capital expenditure, AI contracts, and future revenue realization timelines. If revenue increases + contract increases + capital expenditures rise, the market can accept this, but the market's biggest concern is a combination of rising capital expenditures. However, AI revenue and orders do not rise in tandem, which raises market concerns about capital expenditure 5. Overall corporate capital expenditure and cash flow: Operating cash flow ➖ Capital expenditure = free cash flow. This is a key data to watch because if free cash flow continues to decline sharply, it will increase market concerns about future financing and AI business expansion for SPXC 6. Starship business, which is absolutely central to SPCX's future AI business capabilities and valuation. The company has clearly identified Starship as the core driver of its long-term growth strategy, so in Q1 2026, the company will increase capital expenditure on Starship. Therefore, in subsequent earnings calls, the commercialization timeline of the Starship business and the rate of reduction in unit launch costs will be key focuses. 7. Falcon 9 contracts with governments, Falcon 9 launch numbers, commercial launch revenue, NASA contracts, U.S. Department of Defense contracts, and future Falcon 9 schedules are all key data points to watch in this sector. The market needs to know that Falcon 9's business growth mainly comes from external commercial and government client growth, or internal self-use, with different economic implications for the two. #财报观察员: AMD and SpaceX are about to hand over, with Circle as the grand finale The SPCX earnings report is related to the massive stock unlocking on August 6 1. Tonight's earnings report will determine the short-term impact of subsequent stock unlocks. A positive report can offset the price pressure caused by the stock unlock; conversely, if the earnings report is poor, SPCX will face double pressure 2. If the earnings report is poor, combined with the pressure from stock lock-up lifting on August 6, this week will put further pressure on SPCX stock prices. This is a tug-of-war between fundamentals and market supply. 3. Personal view: If the earnings report is positive, let's look at the situation after the stock unlocks on August 6, especially how the stock price performs next week to see if there is a buying opportunity. August 6 is only the first time the stock is unlocked, so future market concerns about the stock unlock will depend on the effects brought by this financial report. If the financial report is poor + the stock is unlocked, the stock price will inevitably face double pressure and continue to fall. Before the lock-up, the price may accelerate its decline in the short term, forming a short-term undervaluation phase. In fact, this is a buying phase, and after the stock is unlocked, a rebound will occur. The market is about trading future expectations. Without earnings reports, the market may pre-price the stock before the lock-up is lifted, causing the stock price to fall. Conversely, after the stock is unlocked, the stock price will rebound somewhat. How long the rebound lasts depends on the company's fundamentals, which applies not only to stocks but also to the crypto world.