SpaceX shares rally as Q2 revenue growth and Starlink expansion support a bullish long-term thesis, even as analysts clash over the company's 512 EV/EBITDA valuation.
SpaceX beat Q2 revenue estimates by 14.59% with 92% growth, doubled Starlink subscribers to 12 million, and pulled its $1 trillion revenue target forward, supporting a bullish long-term thesis despite extreme valuation multiples.
SpaceX reported a 92% revenue jump to $7.81 billion in Q2 2026, beating estimates by 14.59% as Starlink subscribers doubled to 12 million. Despite a $541 million net loss and extreme valuation multiples, management has pulled its $1 trillion revenue target forward to 2030, fueling a fierce debate between growth bulls and valuation skeptics.
The debate centers on whether current triple-digit valuation multiples already account for the success of the Starship program, with bulls like Cathie Wood betting on future launch economics and skeptics like Scott Galloway viewing the current price as disconnected from existing financial performance.