Editorial companion

What stands out

Rick Ducat on Schwab Network used SpaceX’s first earnings report to make a blunt point: Starlink is finally behaving like a business line, even as the company pours resources into cloud computing, Starship, and an artificial intelligence (A.I.) unit that is still losing money. He walks through how the new revenue mix shifts the story, recurring cash from satellites can soften the burden of massive capital expenditures (CapEx), and why the proposed Cursor acquisition is a bet on software to monetize hardware. The essential tension is clear: growing optionality meets growing financing risk under Elon Musk’s tight control.