SpaceX's $1,146m AI Profit Rests on $1,885m of Depreciation. Its Cursor Option Now Costs 78m More Shares.
The market sold an $18bn capex number. The filings show the quarter's headline milestone is an accounting identity, and the only price-contingent clause in the capital structure had already expired.
The market sold an $18bn capex number. The filings show the quarter’s headline milestone is an accounting identity, and the only price-contingent clause in the capital structure had already expired.
▶ Watch the film: the reconciliation, worked line by line from the filing · 7:56
It puts SpaceX’s own earnings exhibit on screen and walks the four add-backs in the order the company prints them, so the document is visible as the arithmetic runs.
