SpaceX Earnings Preview: Equity Sees $125 Billion, Credit Sees 83 Cents

What happened: SpaceX (SPCX) reports Q2 after the close, a day ahead of Tesla. Deutsche Bank expects an in-line quarter and raised its 2027 forecasts to $125 billion in revenue and $84 billion in EBITDA. Key numbers: Q3 revenue modeled at $12.6 billion (+127% YoY), EBITDA over $6.6 billion, capex $19 billion, free cash flow burn $14 billion. Why it matters: Equity analysts are pricing upside while the bond market is pricing the bill: Deutsche's 2027 numbers rest on more than $200 billion in capex, and its own model shows capex exceeding EBITDA by about $250 billion across three years.

SpaceX earnings preview highlights $125 billion equity valuation and 83-cent credit pricing.

SpaceX earnings preview highlights $125 billion equity valuation and 83-cent credit pricing. — impact context not separately stored; see What changed.