August 6, 2026 • 5 mins
Revenue's soaring for Elon Musk's spacecraft company SpaceX - but so is spending.
It's published its first earnings report as a public company.
SpaceX says its revenue's grown 92 percent compared to a year ago, bringing it to $7.8 billion.
Sam Dickie from Fisher Funds explained further.
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Speaker 1 (00:00):
Back in June before it listed, we dug into SpaceX
and how it does quietly become far more than a
rocket company. It's just obviously, as we've discussed on the show.
In the last couple of days, it has reported its
first ever result as a public company, and Sam Dicky
from Fisher Funds has been looking into it for us I.
Speaker 2 (00:13):
Sam good evening here.
Speaker 1 (00:15):
Okay, so how did what did you make of the
first result as a listed company.
Speaker 2 (00:20):
Well, they clearly, as you guys have been saying, they
smashed it. Every division beat revenue, profit a lot. But
the interesting thing was in June we talked about Starlink
being sixty percent of revenue, but it looks like by
the December quarter of this year, the AI division could
be seventy percent of the business. And that AI business
didn't even exist inside SpaceX a few months ago was
(00:41):
elon secret company XAI. He merged and so in six
months a rocket company has become a kind of a
satellite Stalink company has now become an AI company.
Speaker 1 (00:50):
What is the scale of what he's building to make
it an AI company?
Speaker 2 (00:55):
That's massive, So he'll have two gigawatts of AI compute
running by the end of this year and up to
twenty gigawatts of capacity or power and calling by the
end of twenty twenty seven. And to put that in perspective,
New Zealand's grid in the cold snap got to about
seven gigawatts, So Elon is talking about three times New
Zealand's entire power system for one company selling or renting
(01:17):
the use of AI chaps.
Speaker 1 (01:19):
That's enormous. What's the catch then, that's right.
Speaker 2 (01:22):
The stock has been hammered about fifty percent from the
highs a few weeks ago, and there's three reasons for that.
Speaker 1 (01:26):
Really.
Speaker 2 (01:27):
The first thing is what we talked about in Dune.
For a company that makes no profit, it has been
extremely highly valued. The second thing is, once again for
all these big tech companies you and I have been
talking about this Heather, the amount of capital spinning required
is off the charts. So if you do the mass
twenty gigawatts times fifty billion per gigawatt, that's a trillion
dollars and the company doesn't even make a profit. And
(01:48):
the third thing is that the well publicized lockup EXPIRER,
which you've been talking about, it's been overhanging the stock
and early investors can sell sort of one hundred and
twenty billion dollars worth of stock.
Speaker 1 (01:57):
Okay, so what does this mean for investors? Do you think?
Speaker 2 (02:00):
Well, Elon, as we know, is nothing if not aggressive.
So the market expects him to deliver three hundred billion
in revenue in twenty thirty, and he's telling the market
that will be a trillion. And history says that Elon
is usually always late with his predictions, but he gets
through eventually. So once this lock up volatility is passed,
and perhaps the stock price is a lot lower again
from here, it'll be interesting to sit back and have
(02:20):
a look at it and see where there is a
better or worse company than it used to be only
a few short months ago.
Speaker 1 (02:24):
The interesting stuff, Sam, there's always it's good to talk
to you, mate, really really interesting stuff, Sam Dickey, Fisher
Funds ever Duple see output it away from seven. I
think that we can call it well, sort of, because
I think we can mostly call it for Winston, that
he has got away with being so overtly racist towards
Lawrence Judan. Would we say racist? I mean, if we're
being technically correct, are we saying xenophobic? Likely to be
(02:46):
technically correct? Okay? So he was xenophobic. So I think
he's got away with it though, because the Prime Minister
hasn't told him off. I don't know what agreement they reached,
but it seems to be an agreement of don't talk
about it and let's white knuckle it a little hopefully
go away and you're not going to get and we
can save the government. So he didn't get told off
by the Prime Minister. Speaker today, Jerry Brownley has confirmed
he's also not going to tell Winston Peter's offered. He says,
(03:08):
this is Jerry. He says, a request for someone to
withdraw and apologize a remark like the one that wou
Sir Peter's made would need to take place in the
moment and would have to be made by the person
who'd taken offense. The request has been lodged by the
Green Party, so it's not Lawrence Junan, it's the Green Party,
and the request has been made this week, not in
the moment when the day's subsequent to it happening. So
(03:32):
he's basically denied that, which you know, I mean, technically
he may well be correct, but the ultimate outcome is
that Winnie pe gets away with it. Again, only there's
one more. There is one possible punishment that still remains
for Winnie, which is that he could get punished in
the polls. And somebody said this to me today, and
I think they may be on to something. They said,
Winston will get punished for this, ever so slightly in
(03:53):
the polls, because not because his voters are going to
necessarily get their backs up about the fact that he's
been xenophobic, because well, yeah, the man has got form,
so you know, if you're voting for him, you can't
know what you're voting for. But what they may get
upset about is the fact that he is so destabilizing
at the moment, to the extent that it makes you
(04:14):
feel like a lord, are we going to have a
change of government of this behavior carries on like are
we going to go to a snap election? It kind
of had that vibe about it. He might get punished
for destabilizing in the same way that that Dak David
Seymore got punished, you know, in the lead up to
the last election for destabilizing. Interesting such like side note
on this is what Shane Jones then said today, Shange
and I don't know whether I trust Shane Jones on
(04:35):
this or whether he's just running his mouth off, and
that is always a possibility as well, but he's suggested,
not suggested, he's outright said that New Zealand First is
going to try to limit the ability of migrants to
stand for parliament. He said, they'd have to be here
in our country for a long period of time before
they can become politicians. We are going to campaign on that. Then,
when the New Zealand First Party was asked as Shane Jones, right,
(04:58):
is this going to be one of your policies, they
would not for more deny and they were like, our
policies are our policies when we announce our policies. Now
immediately what you think is Winston Peters and Shane Jones
are coming for Lawrence ju Nan and they're going to
change the rules so that he cannot stay sam for
parliament because obviously he's originally from China. That is not
going to happen, Like, don't even get sucked in by
this nonsense. That's not going to happen. Lawrence ju Nan
(05:19):
has been in this country since nineteen ninety four, right,
he's been here for thirty two years. They are not
going to set the bar that high. They're not going
to say you have to be in the country for
more than three decades before you can come in. And
how I know that for absolutely certain is they've got
a candidate, Taylor Arneil, who's only been in the country
for ten years. So if they're happy to have somebody
in there for ten years, Lawrence is fine.
Speaker 2 (05:41):
For more from Hither Duplessy Allen Drive, Listen live to
news talk sai'd Be from four pm weekdays, or follow
the podcast on iHeartRadio.
Back in June before it listed, we dug into SpaceX
and how it does quietly become far more than a
rocket company. It's just obviously, as we've discussed on the show.
In the last couple of days, it has reported its
first ever result as a public company, and Sam Dicky
from Fisher Funds has been looking into it for us I.
Speaker 2 (00:13):
Sam good evening here.
Speaker 1 (00:15):
Okay, so how did what did you make of the
first result as a listed company.
Speaker 2 (00:20):
Well, they clearly, as you guys have been saying, they
smashed it. Every division beat revenue, profit a lot. But
the interesting thing was in June we talked about Starlink
being sixty percent of revenue, but it looks like by
the December quarter of this year, the AI division could
be seventy percent of the business. And that AI business
didn't even exist inside SpaceX a few months ago was
(00:41):
elon secret company XAI. He merged and so in six
months a rocket company has become a kind of a
satellite Stalink company has now become an AI company.
Speaker 1 (00:50):
What is the scale of what he's building to make
it an AI company?
Speaker 2 (00:55):
That's massive, So he'll have two gigawatts of AI compute
running by the end of this year and up to
twenty gigawatts of capacity or power and calling by the
end of twenty twenty seven. And to put that in perspective,
New Zealand's grid in the cold snap got to about
seven gigawatts, So Elon is talking about three times New
Zealand's entire power system for one company selling or renting
(01:17):
the use of AI chaps.
Speaker 1 (01:19):
That's enormous. What's the catch then, that's right.
Speaker 2 (01:22):
The stock has been hammered about fifty percent from the
highs a few weeks ago, and there's three reasons for that.
Speaker 1 (01:26):
Really.
Speaker 2 (01:27):
The first thing is what we talked about in Dune.
For a company that makes no profit, it has been
extremely highly valued. The second thing is, once again for
all these big tech companies you and I have been
talking about this Heather, the amount of capital spinning required
is off the charts. So if you do the mass
twenty gigawatts times fifty billion per gigawatt, that's a trillion
dollars and the company doesn't even make a profit. And
(01:48):
the third thing is that the well publicized lockup EXPIRER,
which you've been talking about, it's been overhanging the stock
and early investors can sell sort of one hundred and
twenty billion dollars worth of stock.
Speaker 1 (01:57):
Okay, so what does this mean for investors? Do you think?
Speaker 2 (02:00):
Well, Elon, as we know, is nothing if not aggressive.
So the market expects him to deliver three hundred billion
in revenue in twenty thirty, and he's telling the market
that will be a trillion. And history says that Elon
is usually always late with his predictions, but he gets
through eventually. So once this lock up volatility is passed,
and perhaps the stock price is a lot lower again
from here, it'll be interesting to sit back and have
(02:20):
a look at it and see where there is a
better or worse company than it used to be only
a few short months ago.
Speaker 1 (02:24):
The interesting stuff, Sam, there's always it's good to talk
to you, mate, really really interesting stuff, Sam Dickey, Fisher
Funds ever Duple see output it away from seven. I
think that we can call it well, sort of, because
I think we can mostly call it for Winston, that
he has got away with being so overtly racist towards
Lawrence Judan. Would we say racist? I mean, if we're
being technically correct, are we saying xenophobic? Likely to be
(02:46):
technically correct? Okay? So he was xenophobic. So I think
he's got away with it though, because the Prime Minister
hasn't told him off. I don't know what agreement they reached,
but it seems to be an agreement of don't talk
about it and let's white knuckle it a little hopefully
go away and you're not going to get and we
can save the government. So he didn't get told off
by the Prime Minister. Speaker today, Jerry Brownley has confirmed
he's also not going to tell Winston Peter's offered. He says,
(03:08):
this is Jerry. He says, a request for someone to
withdraw and apologize a remark like the one that wou
Sir Peter's made would need to take place in the
moment and would have to be made by the person
who'd taken offense. The request has been lodged by the
Green Party, so it's not Lawrence Junan, it's the Green Party,
and the request has been made this week, not in
the moment when the day's subsequent to it happening. So
(03:32):
he's basically denied that, which you know, I mean, technically
he may well be correct, but the ultimate outcome is
that Winnie pe gets away with it. Again, only there's
one more. There is one possible punishment that still remains
for Winnie, which is that he could get punished in
the polls. And somebody said this to me today, and
I think they may be on to something. They said,
Winston will get punished for this, ever so slightly in
(03:53):
the polls, because not because his voters are going to
necessarily get their backs up about the fact that he's
been xenophobic, because well, yeah, the man has got form,
so you know, if you're voting for him, you can't
know what you're voting for. But what they may get
upset about is the fact that he is so destabilizing
at the moment, to the extent that it makes you
(04:14):
feel like a lord, are we going to have a
change of government of this behavior carries on like are
we going to go to a snap election? It kind
of had that vibe about it. He might get punished
for destabilizing in the same way that that Dak David
Seymore got punished, you know, in the lead up to
the last election for destabilizing. Interesting such like side note
on this is what Shane Jones then said today, Shange
and I don't know whether I trust Shane Jones on
(04:35):
this or whether he's just running his mouth off, and
that is always a possibility as well, but he's suggested,
not suggested, he's outright said that New Zealand First is
going to try to limit the ability of migrants to
stand for parliament. He said, they'd have to be here
in our country for a long period of time before
they can become politicians. We are going to campaign on that. Then,
when the New Zealand First Party was asked as Shane Jones, right,
(04:58):
is this going to be one of your policies, they
would not for more deny and they were like, our
policies are our policies when we announce our policies. Now
immediately what you think is Winston Peters and Shane Jones
are coming for Lawrence ju Nan and they're going to
change the rules so that he cannot stay sam for
parliament because obviously he's originally from China. That is not
going to happen, Like, don't even get sucked in by
this nonsense. That's not going to happen. Lawrence ju Nan
(05:19):
has been in this country since nineteen ninety four, right,
he's been here for thirty two years. They are not
going to set the bar that high. They're not going
to say you have to be in the country for
more than three decades before you can come in. And
how I know that for absolutely certain is they've got
a candidate, Taylor Arneil, who's only been in the country
for ten years. So if they're happy to have somebody
in there for ten years, Lawrence is fine.
Speaker 2 (05:41):
For more from Hither Duplessy Allen Drive, Listen live to
news talk sai'd Be from four pm weekdays, or follow
the podcast on iHeartRadio.
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