Company Reports

Second-quarter revenue grew to $7.8 billion, up 92% compared with 2025, led by an eye-watering but not surprising sevenfold increase in AI solutions revenue from neocloud rentals. Launch and Starlink grew 29% and 67%. Investments of $3.5 billion in R&D resulted in a $143 million operating loss.

Verizon was the big bidder in Auction 113, spending $3.2 billion on 82 spectrum licenses. T-Mobile picked up more than 100 licenses, nearly all in small markets, for only $277 million. AT&T added 13 licenses for $133 million. SpaceX did not bid aggressively, landing two licenses for $8 million.

Bidding in FCC Auction 113 has concluded, placing licenses that have been dormant since EchoStar subsidiary Dish Network failed to pay for them more than a decade ago. The auction resolves the related dispute between the FCC and EchoStar. We should know the winning bidders in the coming days.

SpaceX announced it will exercise its option to acquire the artificial intelligence coding platform Cursor for $60 billion in equity.

SpaceX is a vertically integrated conglomerate built around its global dominance in space-centric infrastructure. The company’s core strength is its ability to deliver payloads to orbit at unmatched scale, frequency, reliability, and cost efficiency. Other major business lines of the company, from Starlink to future orbital infrastructure initiatives, are ultimately derived from and enabled by its leadership in low-cost space transportation. The company’s technological lead over its competitors is evident in its having more than 80% global share in mass delivered to orbit and in having reduced launch cost per kilogram by more than 95%.

SpaceX shares priced at $135 per share in an initial public offering. We think the shares are significantly overvalued given the wide range of likely financial outcomes.

SpaceX is a vertically integrated conglomerate built around its global dominance in space-centric infrastructure. The company’s core strength is its ability to deliver payloads to orbit at unmatched scale, frequency, reliability, and cost efficiency. Other major business lines of the company, from Starlink to future orbital infrastructure initiatives, are ultimately derived from and enabled by its leadership in low-cost space transportation. The company’s technological lead over its competitors is evident in its having more than 80% global share in mass delivered to orbit and in having reduced launch cost per kilogram by more than 95%.