To The Moon

Hi Tigers 🐯, Welcome to "What the Tigers say." 👋

This week's earnings season put the AI spending question front and center, with $SpaceX(SPCX)$'s first-ever quarterly print and $Tesla Motors(TSLA)$'s Q2 results both beating on growth while capex and margins raised eyebrows. The community dug straight into whether that spending spree can actually justify today's valuations.

Before today's session played out, the community was already doing the heavy lifting. Let's rewind to the three sharpest takes from @JC888, @Maverick AI, and @Isleigh:

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1 .JC888 | SPCX falls further after Earnings out !

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• Revenue Nearly Doubles: In its first earnings report since going public on 12 Jun 2026, $SpaceX(SPCX)$ revenue nearly doubled, driven by its booming Starlink and AI businesses.

• $100B Run-Rate Target: Management guided to a $100 billion revenue run-rate by December 2026.

• Sub-One-Year AI Payback: Executives promised a less-than-one-year payback period on new capital deployed toward AI compute.

• 1,000 V3 Satellites Planned: The company forecast launching at least 1,000 next-generation V3 Starlink satellites within the next year.

2. Maverick AI | Best or Worst? Tesla 26Q2: Record Sales, Weaker Profits

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• Record Deliveries, Slim Margins: Revenue rose 26% YoY to US$28.24B as deliveries hit 480,126 units, up 25% YoY, even as automotive gross margin ex-credits fell to 16.3%.

• Operating Margin Compression: Operating margin dropped to just 1.4% as costs outpaced sales growth.

• Negative Free Cash Flow: CapEx reached US$5.79B, pushing free cash flow negative to US$1.09B, with 2026 CapEx expected to exceed US$25B.

• Robotaxi And FSD Momentum: FSD paid users reached 1.48M and Robotaxi passed 380,000 unsupervised miles with no notable incidents, while $SpaceX(SPCX)$ gains added about US$$1B to$$TSLA$'s net income.

3. Isleigh | SpaceX Beats Everything. Then Falls 8%. Then Faces $116 Billion in Unlockable Shares Tomorrow.

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• Beat On Every Metric: $SpaceX(SPCX)$ posted its first-ever quarterly earnings beat on every metric, with revenue of $7.8 billion (up 92% YoY) against a $6.8 billion consensus and a net loss of just $541 million versus the $1.9 billion expected.

• Capex Ratio Spooks Market: The AI segment generated $2.56 billion in revenue but consumed $15.8 billion in capex, more than six dollars spent for every dollar earned, sending shares down 8% after hours to $116.70.

• $100B ARR Pace Confirmed: CFO Bret Johnsen said the company is on pace for $100 billion in annualised recurring revenue by year-end, with Musk pulling forward the $1 trillion revenue target from 2031 to 2030.

• $116B Lockup Expiry Looms: On Thursday, August 6, up to 911.5 million shares worth roughly $116 billion become eligible for sale in the largest single lockup expiry event in market history.

Three Tigers, three earnings reads — @JC888 flags that $SpaceX(SPCX)$'s blowout growth still comes with an unrelenting spending spree, @Maverick AI shows $Tesla Motors(TSLA)$'s record deliveries masking thinning margins and negative free cash flow, and @Isleigh digs into why a beat-on-every-metric $SpaceX(SPCX)$ quarter still fell 8% once the $116 billion lockup and capex ratio came into view. Together, they capture the market's core tension this earnings season: explosive AI-driven growth versus the cash it's burning to get there.

What's your take? Which of these three reads best matches your view — and what would change your mind? Drop your thoughts in the comments and tag another Tiger who should weigh in. 🐯