Elon Musk Says SpaceX Short-Sellers Probably Won't Survive. These 3 Earnings Numbers Say He's Wrong.

Despite SpaceX's impressive headline earnings growth (92% YoY revenue increase, tripled EBITDA), the article argues short-sellers may be right about the company's overvaluation. Key concerns include negative $25 billion free cash flow in six months, heavy AI spending ($23.6B capex) dependent on a single cancellable customer contract (likely Anthropic), declining Starlink ARPU ($66/month vs. $85 a year ago), and upcoming $6 billion in insider share unlocks that could pressure stock price.