$SPCX finally turns profitable $SPCX has posted its first profitable quarter since going public, with revenue reaching $14.6 billion, a 161% year-over-year increase, and a net profit of $4.4 billion in Q3, sending its stock up 4% after hours. Although the Q3 earnings report was impressive, is the market too optimistic? Looking at the first nine months of the year, capital expenditures totaled $48 billion, while cumulative losses amounted to $4.1 billion— capital spending was 1.78 times revenue. Now consider the AI business, which generated the highest revenue this quarter: its capital expenditures over the first three quarters reached $40 billion, while revenue totaled only $10.9 billion. Don’t forget that $SPCX’s market cap exceeds $2 trillion. Indeed, when it comes to Musk’s companies, market sentiment matters more than analysis—and logic often goes out the window.