Here are my thoughts on @SpaceX's Q3 earnings call: I don't have enough stock.

Here are all the most important highlights from @SpaceX's Q3 2026 earnings report and earnings call: • Total revenue: $14.58B, up 161% YoY from $5.58B and up 87% QoQ from $7.81B. • Adjusted EBITDA: $8.81B, up 306% YoY from $2.17B and up 149% QoQ from $3.54B. • Total Capex: $19.59B, up 185% YoY from $6.88B and 7% QoQ from $18.37B, primarily driven by SI infrastructure investments. • Q4 Capex guidance: SpaceX expects capital expenditures of $35B–$40B in Q4 2026 as it accelerates SI compute deployment. • Net income: $4.40B, compared to a $1.05B loss a year earlier. • Income from operations: $2.79B, compared to a $273M loss YoY and a $143M loss in Q2. • Q1 2027 revenue guidance: $33B–$37B in total revenue during Q1 2027. • Annualized revenue target: SpaceX remains on track for $100B in annualized revenue by the end of 2026, based on December's revenue run rate. • Elon's 2027 revenue projection: SpaceX could reach $500B–$1T in annual recurring revenue by the end of 2027 • Backlog: Reached $63B as of September 30, including $17.5B in deferred revenue. ~$42B is expected to be recognized within the next 12 months. • Space revenue: $1.77B, up 6% YoY • Connectivity revenue: $5.25B, up 69% YoY and 22% QoQ; Consumer revenue was $3.12B (+57% YoY) and Enterprise & Government revenue was $2.13B (+91% YoY). • Connectivity operating income: $2.37B, up 99% YoY from $1.19B and 43% QoQ from $1.66B. • Starlink subscribers: 13.6M, up 89% YoY; consumer ARPU increased to $69/month from $66 in Q2. • Super Intelligence (SI) revenue: $7.56B, up 830% YoY and 195% QoQ • SI operating income: Positive $431M, compared to a $1.72B loss YoY and a $1.26B loss in Q2. • SI Adjusted EBITDA: Positive $4.95B, compared to a $428M loss a year earlier and $1.15B in Q2. • SI Capex: $16.44B, up 245% YoY from $4.76B and 4% QoQ from $15.83B, representing ~84% of total quarterly Capex spend. • Cloud Services Agreements: Signed additional agreements during Q3, with SI solutions and infrastructure revenue growing 192% QoQ excluding Cursor. • SI compute economics: Newly deployed compute capacity is generating payback periods of less than 12 months at current pricing, which is slightly above the previously discussed $30–$50 per watt range. • Cursor revenue: Contributed $608M in revenue between August 14 and September 30. • Grok Bot: Reached 800,000 paid weekly users in early October, more than doubling over the prior month. • Grok Bot enterprise rollout expected in a few weeks. • Cash, cash equivalents & marketable securities: Approximately $90B at quarter-end • Operating cash flow: Generated $13.1B during the first nine months of 2026, up 218% from $4.12B during the same period in 2025. • Starship Flight 15: Targeted for November 2026, with SpaceX planning to attempt a tower catch of Starship's upper stage. • National Security launches: Secured 18 additional National Security Space Launch missions. • Starlink aviation: More than 3,800 aircraft were equipped with Starlink as of September 30. • Starlink aviation contracts: ~12,000 aircraft are now under contract for Starlink service, representing nearly a quarter of the available commercial aircraft market. • Starlink Mobile users: Surpassed 22M monthly users at the end of Q3, up 37% QoQ. • Starlink Mobile U.S. launch: SpaceX plans to integrate its spectrum acquisitions and begin activating the expanded service in early 2028, with the gaol of becoming a major U.S. mobile carrier. • SI compute: Expanded nameplate compute capacity to 1.7 GW, up from 1.4 GW in Q2 and 0.6 GW a year earlier. • October compute target: SpaceX expects to reach nearly 2 GW of nameplate compute capacity by the end of October 2026. • Year-end compute target: SpaceX expects 2.5–3 GW of nameplate compute capacity by the end of 2026. • 2027 compute target: Elon expects to add at least 10 GW of incremental compute capacity in 2027, potentially bringing the total to 13 GW or more. Elon said there is a small possibility of exceeding 20+ GW of active SI compute by the end of 2027. • GPU deployments: SpaceX is bringing approximately 200,000–220,000 NVIDIA GB300 GPUs online monthly, with plans to maintain or accelerate that pace. • Nvidia Vera Rubin deployment: SpaceX expects its 2027 compute expansion to rely primarily on NVIDIA's next-generation Vera Rubin architecture. • SpaceX plans to bring a training cluster with 440,000 Vera Rubin computers online by the end of Q2 2027. • Targeting May or June 2027 for the first functional test chips from the Austin research fab. • Terafab mass production: SpaceX is targeting Q3–Q4 2028 for potential volume chip production at its Gibbons Creek facility