Consumer spending is showing signs of caution, but that may not be the most pressing concern for SpaceX investors. While U.S. online spending rose 5.3% year over year to $8.3 billion on the first day of Amazon's Prime Day event, and Costco's May sales jumped 14.5% to $20.95 billion, some areas like Beyond Meat and Conagra Brands are seeing weakness. SpaceX's Starlink internet service, with 10.3 million subscribers across 164 markets, is driven more by connectivity needs than discretionary spending, insulating it from consumer pullbacks. Instead, investors should weigh SpaceX's $4.9 billion net loss on $18.7 billion in 2025 revenue, a trailing 12-month sales multiple of around 110, a decline in Starlink's average revenue per user to $66 from $86 a year earlier, and execution risks tied to the Starship rocket system and heavy AI infrastructure spending.
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NVIDIA CorporationSpace Exploration Technologies Corp. Class A Common StockSpaceX reported a $4.9 billion net loss on $18.7 billion revenue, a high sales multiple of 110x, and declining ARPU from $86 to $66.
