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SpaceX Q3 takeaways:

First GAAP profit since IPO, net around 4.4bn.

Superintelligence revenue up massively, now bigger than Starlink connectivity.

Capex still running ahead of cash flow, FCF negative.

Musk floated a Tesla merger via special committees.

Roughly 1.3bn shares unlock Thursday.

Lot to digest. The unlock is the near term overhang.

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