Adjusted EPS of $0.45 against estimates of $0.13. Revenue of $14.58B against $12.72B. $SPCX is -5.29% at lunch.
The beat is real, and it's already printed. Almost everything else in today's SpaceX coverage is forward-looking: Musk's call for a $1 trillion annual revenue run rate by year-end 2027, and his disclosure that special committees are exploring a potential merger with Tesla.
Exploring is not agreed. A run-rate target is not revenue. None of today's articles explains why shares are lower, and filling that gap with a guess is how a story gets bought at a price set by someone else.
The committees have not reported anything. Until they do, the merger is a sentence, not a transaction.