SpaceX Just Delivered a Monster Quarter, but the Stock Is Still Down 38% From Its High. The Reasons Are Obvious.

SpaceX reported impressive Q3 results with 161% revenue growth and $2.8 billion in operating profit, driven by strong performance in Starlink (69% YoY growth) and Super Intelligence division (830% YoY growth). However, the stock has declined 38% from its June peak of $226 to $140, due to IPO lockup expirations, stretched valuation (39x P/S ratio), and massive capital expenditures ($19.6 billion in Q3) that exceed quarterly revenue, raising concerns about future cash flow despite strong current performance.