SpaceX Could Weather a Recession. But Its Stock Might Not. Here's Why.

• Starlink and AI businesses drive growth despite recession risk • Heavy capex and high valuation create significant investor risk • Strong balance sheet supports ambitions, but returns uncertain SpaceX delivered 161% revenue growth to $14.6B and $4.4B net income in Q3, fueled by Starlink and its expanding AI segment. Starlink's recurring subscription revenue and growing customer base provide some downside protection, though ARPU declined to $69. The company spent $19.6B on capex, mostly AI infrastructure, and holds $90B in cash after its June IPO. Despite resilient operations, the stock's 64x P/S ratio leaves it vulnerable to sentiment shifts if AI returns disappoint.