Live: SpaceX Q2 Earnings Call 2026 (SPCX)
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摘要
Listen to Elon Musk and SpaceX management discuss SpaceX's Q2 2026 financial results and answer questions from investors and analysts. Join Rob Maurer for a live blog highlighting key information, followed by reaction to the call and earnings report.
For reaction to Tesla's shareholder letter and earnings report: https://youtube.com/live/f6ON8kT1F3o
0:00 Investor call begins
1:56 Elon Musk opening remarks
12:36 COO Gwynne Shotwell opening remarks
18:25 CFO Bret Johnsen opening remarks
27:46 Analyst questions
56:18 Shareholder questions
1:00:34 Rob Maurer review and analysis
1:32:18 Financial review
X: https://www.x.com/robmaurer
Tesla Referral: https://ts.la/robert47283
Disclosure: Rob Maurer has personal and fund-related economic exposure to SPCX, and is long SPCX stock. This video is not intended as investment advice or a recommendation.
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中英文字稿 
感谢您今天参加SpaceX 2026年第二季度财报电话会议。我是投资者关系负责人安德里娅·威廉姆斯。今天和我一同在这里的有埃隆、格温和布雷特，我们正在德克萨斯州巴斯特罗普的设施中与您交流。我们的第二季度财务业绩已于中部时间下午3点刚过公布，所有相关材料已发布在我们的投资者关系网站IR.SpaceX.com上。在本次网络直播中，我们会先进行准备好的讲话，随后进入问答环节。我们将首先回答股权分析师的现场提问，然后转向我们专门的财报问答平台上投资者提前提交的问题。感谢每一位提前提交问题的朋友们。
▶ 英文原文 ⏱
Thank you for joining us today for SpaceX's second quarter 2026 Earnings Conference Call. I'm Andrea Williams, Head of Investor Relations. Joining me today are Elon, Gwen, and Brett, and we are speaking to you from our facility in Bastrop, Texas. Our second quarter financial results were announced just after 3 p.m. Central Time and all relevant materials have been published to our Investor Relations website at IR.SpaceX.com. For this webcast, our prepared remarks will be followed by a question and answer session. We will take live Q&A from equity analysts and then move to questions directly from our investors that were polled on our dedicated Earnings Q&A platform. Thank you to everyone who submitted your questions in advance.
在本次网络直播中，我们将讨论我们的业务前景并作出前瞻性声明。这些声明基于我们截至今天的预测和期望。由于存在多种风险和不确定性，实际事件或结果可能会有显著不同，包括我们在最近向美国证券交易委员会（SEC）提交的文件中的风险和不确定性，如最终招股说明书和今天公布的Form 10Q。此外，在此次通话中，我们可能会讨论某些非公认会计准则（Non-GAAP）的指标。在我们的新闻稿和提交给SEC的文件中，您可以找到更多信息，包括所有与GAAP可比指标的对账。
▶ 英文原文 ⏱
During this webcast, we will discuss our business outlook and make forward-looking statements. These statements are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC, including our final prospectus and today's published Form 10Q. Additionally, during this call, we may discuss certain non-GAAP measures. In our press release and our filings with the SEC, you can find additional disclosures, including all reconciliations with comparable GAAP measures.
以下是我们2026年第二季度的财务业绩，相较于去年同期的情况：收入达78亿美元，较之前的41亿美元增长了92%；季度净亏损为5.41亿美元，比之前改善了4.67亿美元；调整后的息税折旧摊销前利润（EBITDA）为35亿美元，相较于之前的12亿美元增长了191%。现在，我将把会议交给Elon，请他发表开场讲话。谢谢。
▶ 英文原文 ⏱
For the second quarter of 2026, we announced the following financial results as compared to the prior year quarter. Revenues of $7.8 billion, up 92% from $4.1 billion, a quarterly net loss of $541 million, an improvement of $467 million, an adjusted EBITDA of $3.5 billion, up 191% from $1.2 billion. Now I will hand the call over to Elon for his opening remarks. Thank you.
到目前为止，对SpaceX来说，今年是又一个具有里程碑意义的一年。我们在开发完全可重复使用、可靠的Starship火箭方面取得了很大的进展。通过Starlink卫星互联网，我们在全球170个市场连接了更多的用户，提供快速、可靠的网络服务。我们相信，正在以比其他人更快的速度构建大规模的人工智能计算能力。同时，我们的人工智能模型有了显著提升，尤其是上个月发布的Grog 4.5版本。接下来，我将分别深入探讨这些话题。
▶ 英文原文 ⏱
So it's been another milestone year for SpaceX so far. We're making great progress developing a fully and rapidly reusable reliable rocket with Starship. We're connecting millions more people globally across 170 markets with fast, reliable Starlink internet. We're building AI compute capacity at scale faster than anyone else, we believe. And we're significantly improving our AI models, most notably with the release of Grog 4.5 last month. And now I'll dive into each of those topics separately.
在过去的90天里，我们成功完成了两次Starship B3的飞行任务。第13次飞行展示了实现轨道任务并返回基地所需的核心能力。而在第14次飞行中，我们将首次把第3版Starlink通信卫星送入运行轨道。今年我们会努力尝试抓回Starlink B3的第一级和第二级，并且可能在下一次飞行中就能实现。
▶ 英文原文 ⏱
So with Starship, we completed two successful flights of Starship B3 in the past 90 days. Flight 13 demonstrated core capabilities necessary to achieve an orbital mission and return to Starbase for catch. And on Flight 14 will be our first flight to fly our version 3 Starlink satellites, our communication satellites, to operational orbit. We will try to actually catch the first and the second stage of Starlink B3 this year. And we could possibly catch the ship as soon as the next flight.
要向大多数人清楚地解释星舰（Starship）的巨大意义是很困难的。我认为以"挑战轨道"的角度来描述，可能更能让人们理解星舰对人类文明未来的重大影响。目前，我们通过猎鹰（Falcon）运载火箭每年向轨道送约2500吨物资。这已经是一个相当大的数目。而全球其他地区每年大概只能送300吨左右。也就是说，目前通过猎鹰，我们每年送到轨道的物质量占全球的80%到90%。
▶ 英文原文 ⏱
And it's difficult to actually explain to most people just the incredible significance of Starship. And I think perhaps describing it in terms of challenged orbit is a good way to appreciate the magnitude of the impact Starship will have on the future of civilization. So right now we deliver, call it roughly, 2500 tons a year to orbit via Falcon. And this is a big number by normal standards. The rest of the world, I think, delivers around 300 tons. So we deliver, you know, 80 to 90 percent of total Earth mass to orbit per year with Falcon.
现在有了Starship，我们的目标是每年向轨道运输超过一百万吨的物资，而且我们相信能够实现这个目标。最终，我们可能每年能运输达到一千万吨。这是一个相当大的规模，如果你把这些数据绘制成图表，你会发现图表需要非常大的空间才能显现我们和竞争对手的差距。事实上，按目前的情况来看，我们最大的竞争对手在这个柱状图上可能也就只有一个像素那么高。
▶ 英文原文 ⏱
Now with Starship, our aspirations, and I think we will achieve these aspirations, are to deliver well over a million tons to orbit per year and probably ultimately 10 million tons per year. So this is, this is not like if you had a chart where you plotted things, you would need a very, very big table to put the chart on to see, to even see any of our competitors on that chart and to make that, so our next biggest competitor was one pixel high on the bar chart.
为了展示SpaceX的星舰载具，我们依然需要一个非常大的柱状图。值得注意的是，我们实际上鼓励竞争对手来模仿我们。我们不会做任何事情来阻碍他们。实际上，我们还会以公平的价格发射竞争性卫星星座，这个价格和我们对所有客户的收费是一样的。因此，我们鼓励竞争对手模仿我们，但要复制像星舰这样的东西是相当困难的。
▶ 英文原文 ⏱
So we would still need a very big bar chart to represent the SpaceX Starship vehicle. And it's worth noting that we actually encourage our competitors to copy us. We do nothing to slow them down. We actually launch, we launch competing satellite constellations at the fair prices, the same price we charge everyone. So we do encourage our competitors to copy us, but it's quite difficult to copy something like Starship.
但是你知道，我们不会把专利当作一种障碍来阻止别人模仿我们。我们积极鼓励这种模仿。不管怎样，当你想想把每年的产量从2,500吨提高到100万吨，甚至可能是每年1,000万吨时，这确实是一个极为显著的变化，但这就是我们的计划。
▶ 英文原文 ⏱
But we don't, you know, use patents as, you know, sort of a landmine exercise to stop people from copying us. We actively encourage it. So anyways, but when you think about it on that, you know, go from 2,500 tons a year to, you know, a million, potentially 10 million tons per year, it's, it's really a prof ridiculously profound difference, but that is, that is our plan.
我认为我们将通过记录Starlink来实现这个计划。值得注意的是，Starlink V3卫星相比Starlink V2卫星功能大约提升了一个数量级，而Starlink V2已经是非常强大的卫星了。我们预计将发射大约多一个数量级的Starlink V3卫星。这将意味着传输宽带将提高大约两个数量级。即使我们每比特的盈利能力下降十倍，这仍将意味着Starlink的收入增加十倍。所以我认为大家真的低估了Starlink。这确实是一件大事。人们可能难以理解这个概念，但在某些时候，Starlink在全球大多数国家，尤其是允许其运营的国家中，提供大部分互联网服务是有可能的。
▶ 英文原文 ⏱
And I think we will achieve that plan recording Starlink. It's also worth just noting that the Starlink V3 satellite is about an order of magnitude more capable than the Starlink V2 satellite, which is was already a very capable satellite and, and we expect to launch about an order of magnitude more Starlink V3 satellites. So that, that would mean a roughly two order of magnitude increase in the delivered bandwidth. even if our monetization per bit dropped by a factor of 10, that would still mean a 10x increase in the revenue of Starlink. So I think people are really underestimating Starlink here. So this is a, this is a big deal. It's kind of hard for people to wrap their minds around this, but like, it's not out of the question that at some point, Starlink will deliver a majority of the world's internet, at least in countries where we're allowed to operate, which is the vast majority of countries.
因此，这是一个需要记住的重要事项，而且这件事不会在遥远的未来发生，而是将在未来不到10年内实现。随着人工智能、类人机器人、车辆机器人和大量其他机器人的出现，对带宽的需求将比过去大得多。举个例子，人类在消耗或产生的数据输出大约是每秒几百比特，而实际上，平均下来，一个人在一天（86400秒）内的输出甚至不到每秒1比特。但是，计算机可以在24小时内持续轻松地产生几十亿比特每秒的数据量。这就是为什么我预计随着人工智能和机器人技术的发展，对带宽的需求将大幅增长的原因。实际上，我认为Starlink是唯一能满足这种巨大带宽需求的服务。
▶ 英文原文 ⏱
So this is a, you know, important to bear in mind, and it's not in like the infinity future, it's, you know, less than 10 years. So, and, and with the advent of AI, and humanoid robotics, and, you know, vehicle robotics, and just a massive number of robots, the appetite for bandwidth will be much greater than it has been in the past. So, if you think of a human consuming, perhaps, or producing, perhaps about a few hundred bits per second of output, and, and actually the average human is outputting less than one bit per second over the course of a day, which is 86,400 seconds. Now, computers, you know, easily do billions of bits per second continuously over, over a 24-hour period. So this is why I would expect the appetite for bandwidth to grow dramatically with the growth of AI and robotics. And really, I think Starlink is the only thing that can actually service that bandwidth.
关于人工智能，我们在Grok上的进展非常迅速，因为Grok 4.5取得了巨大的改进。我们预计下周会发布Grok 4.6，而Grok 4.7预计会在三到四周内发布。我们预计人工智能开发的节奏会显著加快。接下来，Grok 5预计会在今年年底前推出，我们将把整个SpaceX的数据集成到Grok的训练中。基本上，SpaceX在过去25年里产生的大量数据都将被纳入，这将使Grok成为最优秀的工程师之一。这些都是非常非常重大的进展。
▶ 英文原文 ⏱
Regarding AI, we're making rapid progress on, on Grok, because Grok 4.5 was a huge improvement. And we have Grok 4.6 coming out probably next week. And then, Grok 4.7 is about three or four weeks from today. And we expect the cadence of AI development to improve dramatically. And then, with Grok 5, which should be out before the end of this year, we will be incorporating the entire corpus of SpaceX data. Basically, all the data that SpaceX has ever produced, which is a tremendous amount over the course of a quarter century, will be incorporated into Grok training. And we think this will make Grok by far the best engineer. So, this is, these are all like very, very big things.
此外，我们当然也在为他人提供计算能力。而且我们正在以更快的速度建设和部署计算。我认为我们的增长速度无疑比其他任何人都快。我也认为我们的计算部署效率是最高的。因此，我们预计今年年底将拥有超过2吉瓦的计算能力。很可能到明年年底，我们的累计在线计算能力将提高好几倍。所以，可以这样想，我们的计算能力可能更接近10吉瓦，而不是5吉瓦。
▶ 英文原文 ⏱
In addition, of course, we are providing compute to others. And we are, we are building and deploying compute, I think, faster. Our rate of growth certainly is faster than anyone else. And our efficiency of compute deployment, I think, is also the highest. So, we expect to end this year with over two gigawatts of compute. And probably our cumulative compute online by the end of next year will be several times higher. So, it, you know, it may, let's say, be closer to 10 gigawatts of compute than 5 gigawatts of compute. That's a way to think about it.
从今往后，我们决定只在NVIDIA的平台上进行开发。因为我们认为VerroRubin架构是最优秀的结构，我们认为这是最好的AI计算平台。我们非常重视与NVIDIA在多个层面的紧密合作和伙伴关系。所以，我们只选择NVIDIA。而随着新的开发能力上线，这显然会进一步促进GROC的发展。我们的游标收购也将带来好处，这项收购应该很快就能完成。我认为我们已经基本通过了所有的监管障碍。
▶ 英文原文 ⏱
And going forward, we've decided to build exclusively on NVIDIA. Because we think the, the, the VerroRubin architecture is, is the best architecture. We think it's the best AI computer. And, and we greatly value our close cooperation and partnership on many levels with NVIDIA. So, we're, we're exclusive to NVIDIA. And this new capacity coming in line will obviously further benefit the development of GROC. As will our cursor acquisition, which should close quite soon. I think we're, we're through almost all of the regulatory hurdles.
关于StarMind AI卫星，它将主要是一个优化后的VerroRubin NVL 72计算机。这不是遥不可及的未来计划，我们预计将于明年开始发射。我们认为，NVL 72 VR计算机的设计远远优于传统的标准机架式设计。因此，我们计划不仅在轨道上部署它，还会在地面上使用。因为我们认为这将极大地简化正常的NVL 72机架设计。
▶ 英文原文 ⏱
And then with respect to the StarMind AI satellite, which will be essentially an optimized VerroRubin NVL 72 computer. This is, this is not some sort of far future distant thing. We, we expect to start launching these next year. And the, uh, we, we think the design of the, uh, NVL 72 VR computer is, um, a, a, a much better design than is typical, than say, having a standard rack, rack style design. And, and so we expect to actually deploy this on the ground as well as in orbit. Because we think it's, it's going to be, um, a radical simplification of the normal, uh, NVL 72 rack.
呃，这样会花费更少，也会更有效率。嗯，所以如果我们要把它放到太空中，为什么不放到地面上呢？我认为这将会非常酷。总的来说，SpaceX团队正在解决人类历史上最难的工程问题之一。我认为团队之所以成功，是因为我们拥有有史以来最聪明、最敬业的人才。我非常自豪能够与这样一个团队合作，并且我想感谢团队的辛勤工作。
▶ 英文原文 ⏱
Uh, it will, it will cost less. It will be more effective. Um, and so if we're going to put it in space, why not put it on the ground? So I think that's going to be pretty cool. Um, uh, in conclusion, the SpaceX team is solving some of the hardest engineering problems in the history of humanity. And, um, and we're, I think the team is succeeding because we've got, uh, you know, in a lot of ways, the, the smartest, most dedicated team, uh, of, of humans that, uh, has ever existed. I'm incredibly proud to work with such a team and, uh, and I'd like to thank the team for their incredible hard work.
感谢所有一路支持我们的投资者。谢谢大家，谢谢埃隆。我们在第二季度取得了出色的成绩，今天我将重点介绍我们的运营和商业亮点，以及我们未来优先考虑的计划。首先谈到我们的太空业务，我们仍然是全球领先的发射提供商，今年上半年共进行了78次发射，将1,041吨的有效载荷送入轨道。尽管这些任务主要用于我们自己的Starlink内部任务，但也有许多重要的客户任务支持。虽然我们的发射能力对支持我们的连接业务至关重要，但我们仍然拥有一个非常强大且不断增长的商业发射计划以及不断增加的美国政府任务需求，这些都为该业务部门带来了收入。
▶ 英文原文 ⏱
And, and also thank you to investors who have supported us along the way. Thank you. Thanks, Elon. We had an exceptional second quarter, and today I'll focus on the operational and commercial highlights, as well as the initiatives we are prioritized going forward. Starting with our space business, we remain the leading launch provider globally, with 78 total launches and 1,041 tons of mass to orbit delivered in the first half of this year. Primarily allocated to our own internal, internal Starlink missions, but with great customer missions as well. While our launch capabilities are key to supporting our connectivity business, we continue to have a very robust commercial manifest and a very robust and growing U.S. government mission demand, which drives revenue for the segment.
我们目前以最快的猎鹰发射节奏正在进行，并且即将让星舰投入运营。正如埃隆所说，我们的两次V3星舰飞行让我们在实现近期目标方面处于极佳的位置，这些目标包括进入轨道、回收和重复使用飞船和助推器，以及部署我们的V3星链宽带卫星。说到星链，它迎来了一个突出表现的季度，这得益于我们在消费者、企业和政府领域的持续增长。在第二季度，我们在全球增加了超过170万的星链用户。这是我们迄今为止新客户最多的一个季度，比第一季度增加的140万用户还要多。
▶ 英文原文 ⏱
We're currently launching at our highest Falcon cadence and are on the precipice of operationalizing Starship. As Elon said, the first two flights of our V3 Starship vehicles put us in an excellent position to achieve our near-term goals of reaching orbit, catching and reusing the ships and boosters, and deploying our V3 Starlink broadband satellites. Speaking of which, Starlink had a standout quarter, driven by continued growth across our consumer, enterprise and government businesses. During the second quarter, we added more than 1.7 million Starlink subscribers globally, consumer. This reflects our best quarter of new customers to date, an increase from the 1.4 million we added during the first quarter.
我们通过将ARPU（每用户平均收入）稳定在每月66美元，与第一季度持平，实现了这一目标。第二季度结束时，我们在167个市场提供服务，并且自那时以来一直在开拓新市场，近期甚至可能在今天会有一些令人兴奋的公告。截至6月30日，我们的在轨Starlink和移动卫星星座增加到了大约10,200颗，其中的9,600颗宽带卫星提供约800太比特每秒的总下行能力。在最近一次Starship发射中，我们成功测试了V3 Starlink卫星的速度，并通过激光链接连接了每一颗卫星。我们计划在即将进行的Starship任务中，将V3卫星投入运营使用。通过V3卫星为Starlink星座增加的巨大容量将使我们能够继续提升服务，尽管我认为我们的服务已经很出色，但我们将能服务于更多全球客户。
▶ 英文原文 ⏱
We achieved this by holding ARPU, which is the average revenue per user, stable at $66 per month, compared to the first quarter. We ended the second quarter with service availability in 167 markets, and have continued to activate new markets since then, with some very exciting announcements coming soon, maybe even as early as today. As of June 30th, our constellation of operational Starlink broadband and mobile satellites in orbit grew to roughly 10,200, with our 9,600 broadband satellites delivering roughly 800 terabits per second of total downlink capacity. Following a successful speed run test of the V3 Starlink satellites on the most recent Starship launch, during which we connected every satellite through every laser link, we intended to deploy V3 satellites into the constellation for operational use on the upcoming Starship missions. The significant amount of capacity we're able to add to the Starlink constellation from the V3 satellites will enable us to continue providing even better service, I think it's pretty great already, but to do so while serving more and more customers over the world.
事实上，在未来几年，我们预计星链将占据全球互联网流量的显著份额，埃隆对此也有所提及。我们还看到星链在企业和政府业务方面有显著的增长机会。我们相信，这些市场的收入潜力至少可以达到，与我们的消费者业务相媲美的规模，甚至可能超过，因为我们会不断增加市场份额。在第二季度，我们与美国航空公司签署了一项重要协议，并与新合作伙伴激活了我们的服务，其中包括西南航空、维珍大西洋航空、伊比利亚航空和爱尔兰航空。我们已经成为主要航空公司中受欢迎的服务提供商，赢得了出色的客户口碑。
▶ 英文原文 ⏱
In fact, in the years ahead, we expect Starlink will represent a significant portion of global internet traffic, which Elon also talked about. We also see significant growth opportunities for Starlink on the enterprise and government side of the business. We believe revenue from these markets have the potential to reach a scale at least comparable, but likely exceed our consumer business as we continue to gain share. In the second quarter, we signed a major agreement with American Airlines, as well as activated our service with new partners, including Southwest, Virgin Atlantic, Iberia, and Aer Lingus. We have become the provider of choice among major airlines with outstanding customer customers.
我们仍然有很大的增长空间。实际上，我们从其中一位航空公司客户那里了解到，令人惊讶的是，客户们选择乘坐多段短途航班而不是直飞，以确保他们的航班有Starlink网络。在此之前，他们在行业中从未见过这样的现象。在政府方面，我们在第二季度赢得了超过60亿美元的美国合同，这些合同支持重要的太空部队项目，为我们的国家提供任务关键的通信和感知能力。我们预计在这个领域明年会有更大的增长空间。在第二季度，我们还与国际运营商推出了新的Starlink移动合作伙伴关系，包括软银(NTT)都科摩和新西兰Spark。
▶ 英文原文 ⏱
So we still have significant room for growth. In fact, we heard from one of our airline customers, shockingly, customers are flying shorter hop flights instead of direct so that they could ensure that they're on a Starlink activated flight. They'd never seen this in the business before. On the government side, we won more than $6 billion in U.S. contracts in Q2, supporting major space force programs that offer our nation mission critical communications and sensing capabilities. And we see even more room for growth in this sector in this coming year. In Q2, we also launched the new Starlink mobile partnerships with international carriers, including SoftBank, NTT, Docomo, and Spark New Zealand.
我们的短期优先任务是通过星舰发射移动V2卫星，以便在明年晚些时候整合65兆赫的Echostar频谱。这个频谱转让最近获得了美国联邦通信委员会的批准，成为Starlink移动业务的一个基础性竞争优势。在人工智能方面，行业对计算需求的增长速度极快。我们正在迅速扩展计算能力，以满足自身的需求和Grok的发展，以及谷歌和Anthropic等其他领先公司的需求。关于我们自己的Grok模型，企业对Grok 4.5的推出反馈非常积极。自7月发布后，代币消耗量立刻增加了三倍，而且我们持续看到在使用和货币化方面的强劲信号。
▶ 英文原文 ⏱
Our near-term priority is launching mobile V2 satellites on Starship ahead of integrating the 65 megahertz of Echostar spectrum later next year. This spectrum transfer was recently approved by the FCC and represents a foundational competitive advantage for Starlink mobile. In AI, the industry is hurtling towards ever more compute demands. We're rapidly expanding our compute capacity to meet our own needs as Grok expands, as well as those for other leading companies such as Google and Anthropic. In terms of our own Grok models, the enterprise feedback on rollout of Grok 4.5 has been very positive so far. Token consumption tripled out of the gate after the July release, and we continue to see strong signals on usage and monetization for the model.
我们期待光标团队来到SpaceX，共同整合我们的工程技术，并开始从合并后的销售能力中受益。在回顾中，我们的业务发展势头非常强劲。我们的工程团队正在扩大星舰和下一代卫星的规模，而我们的销售团队则在扩展Starlink、航空、移动及全球市场。同时，我们也在提高计算能力，并在更广泛的客户群中扩展和深化人工智能伙伴关系。尽管我在这个行业已有24年的经验，但对于接下来的几个月，我感到无比兴奋，因为有这么多激动人心和惊人的项目在进行中。真的感觉就像是重新开始。现在，我将把电话交给Brett。
▶ 英文原文 ⏱
We're looking forward to welcoming the cursor team to SpaceX to integrate our engineering and begin to benefit from a combined sales capability. In review, our momentum as a business is extraordinary. Our engineering teams are scaling Starship and our next-gen satellites, while our sales teams expand Starlink, aviation, mobility, and global markets. At the same time, we're bringing on additional compute capacity and expanding and deepening our AI partnerships across a broader set of customers across a broader set of customers. And though I've been in this business for 24 years, I could not be more excited about the months ahead with all the exciting and amazing things going on. It really feels like we're just getting started all over again. Now I'll turn the call over to Brett.
布雷特·摩根：谢谢你，格温。我们在第二季度取得了强劲的业绩。每个业务板块的收入增长都加快了。我们的净亏损几乎减半，按年计算，我们调整后的EBITDA增长速度明显快于收入。值得一提的是，通过首次公开募股和首次投资级债券发行，我们大大增强了资产负债表。我们全球市场的领导地位、稳定的Starlink收入以及在人工智能基础设施领域的快速增长，持续推动经营杠杆的提升。
▶ 英文原文 ⏱
Brett Morgan: Thank you, Gwen. We demonstrated strong results in Q2. Revenue growth accelerated across every segment. We narrowed our net losses by nearly half and on a year-over-year basis, on a year-over-year basis, and we grew adjusted EBITDA meaningfully faster than revenue. Importantly, we significantly strengthened the balance sheet through our IPO and inaugural investment-grade bond offering. The combination of our global launch leadership, recurring Starlink revenue, and rapid growth in AI infrastructure continues to drive improved operating leverage.
现在，我将讲解每个业务板块的财务情况。对于空间板块，收入环比增长了55%，同比增长了29%，达到9.62亿美元。这主要是由于大客户发射数量的增加和客户组合的优化。板块成本和费用同比增加了3.89亿美元，我们继续加速对星舰项目的研发投资。星舰的目标是将运载能力提高到四倍，并使发射成本降低到猎鹰9号火箭的十分之一，从而为我们所有业务板块提供重要能力提升。我们正在稳步推进基础设施建设，以支持每年数千次的星舰发射，包括加速猛禽发动机和运载火箭的生产，扩建我们的超大型工厂，以及在Starbase和卡纳维拉尔角39A和37号发射平台上激活多个发射台的重大进展。
▶ 英文原文 ⏱
Now I'll walk through the financials for each segment. For the space segment, revenue grew 55 percent sequentially and 29 percent year-over-year to 962 million, driven by a higher number of larger customer launches and a favorable customer mix. Segment costs and expenses rose 389 million year-over-year, and we continue to accelerate R&D investments in our Starship program. Starship aims to quadruple payload capacity and reduce launch costs by 10 times compared to our Falcon 9 rocket, unlocking significant capabilities across all of our business segments. We continue to make progress building the infrastructure required to support thousands of Starship launches per year, including accelerating Raptor and launch vehicle production, the build-out of our Gigabays, and making significant progress towards activating multiple launch pads at Starbase and in Cape Canaveral at Pad 39A and Pad 37.
调整后的空间版EBITDA在本季度亏损了2.05亿美元，主要反映了较高的研发费用。接下来是连接领域的表现。连接领域的收入上升至43亿美元，环比增长32%，同比增长66%。增长主要得益于Starlink用户数量的创纪录净增，以及企业和政府收入的显著增加。Starlink用户的每用户平均收入为66美元，与第一季度相比保持不变。随着我们全球业务的扩展，我们采取本地化的市场策略，确保我们的产品和服务满足当地需求。虽然我们的地理扩张可能会导致综合每用户平均收入随时间下降，我们预计持续的用户增长势头将带来强劲的收入增长。
▶ 英文原文 ⏱
Space-adjusted EBITDA was a loss of 205 million for the quarter, primarily reflecting these higher R&D expenses. Moving to the connectivity segment. Revenue was up in the connectivity segment by -- or was up to $4.3 billion, up 32 percent sequentially, and 66 percent year-over-year. Growth was driven by record net additions of Starlink subscribers and a sharp increase in enterprise and government revenue. Starlink subscriber ARPU was $66 unchanged compared to Q1. As we continue our global expansion, we're taking a localized go-to-market approach that ensures our product and service offerings fit local needs. While our geographic expansion may drive down blended ARPU over time, we anticipate continued subscriber momentum to deliver strong revenue growth.
企业和政府的收入同比增长了108%，这是一个稳定的收入来源，对整体部门利润率做出了积极贡献。正如Gwen所提到的，我们在这个领域看到了巨大的增长机会。例如，在航空这个最大领域之一，我们的市场渗透率还不到10%。连接部门的总成本和费用同比增加了9.7亿美元，约为58%的增长。这一增长主要是由于我们为了支持收入增长而加大了支出，包括卫星星座的扩展，对下一代版本3卫星的研发投入增加，以及额外的市场推广费用。
▶ 英文原文 ⏱
Enterprise and government revenue grew 108 percent year-over-year and represents a durable source of revenue, contributing to strong segment margins overall. As Gwen mentioned, we see enormous opportunity for growth in this segment. As we remain, for example, less than 10 percent penetrated in one of the largest segments being aviation. Total costs and expenses for the connectivity segment increased $970 million, or approximately 58 percent year-over-year. The increase was driven by higher spend to support our revenue growth, including growth in our satellite constellation, increased R&D investment for our next-gen version 3 satellites, and incremental marketing spend.
正如埃隆提到的，我们的第三代卫星预计将提供是现有卫星的10倍的宽带容量和数据密度。我认为我们现有的卫星已经相当出色了，而第三代卫星的提升对于支持用户持续增长和更高价值的服务层级至关重要。连接业务部门的运营收入同比增长了79%，达到17亿美元，超过了收入的增长速度，并推动了近三个百分点的运营利润率提升。连接业务部门的调整后息税折旧摊销前利润（EBITDA）同比增长了64%，达到26亿美元。
▶ 英文原文 ⏱
As Elon mentioned, our version 3 satellites are expected to deliver 10 times the amount of broadband capacity and data density from our current generations, which I think we believe are already pretty amazing, and which are essential to supporting continued subscriber growth and higher value service tiers. Income from operations from the connectivity segment increased 79 percent year-over-year to $1.7 billion, outpacing revenue growth and driving nearly three points of operating margin expansion. Connectivity segment adjusted EBITDA rose 64 percent year-over-year to $2.6 billion.
AI部门的收入为26亿美元，环比增长213%，同比增长247%。这一增长主要来自新的云服务协议以及Grok和X订阅收入的增加。广告收入环比增长了7%，这是由于我们对广告平台技术进行了改进，引入了AI功能并增强了对所有客户类型的自助服务功能。在第二季度，我们签署了一些云服务协议，以获得我们Colossus和Colossus 2站点的计算能力。这些协议的初步实施为本季度带来了16亿美元的AI基础设施额外收入。AI部门的总成本和开支同比增加了16亿美元，这主要反映在研发费用的增加，这是因为我们加快了计算部署，导致基础设施支出增加。我们显著缩小了AI部门的净运营亏损至13亿美元，并在第二季度将调整后的息税折旧及摊销前利润（EBITDA）实现了正值，达到了11亿美元。
▶ 英文原文 ⏱
AI segment revenue was $2.6 billion, up 213 percent sequentially and 247 percent year-over-year. The increase was driven primarily by new cloud services agreements, as well as growth in Grok and X subscription revenue revenue. Advertising revenue grew 7 percent sequentially as we overhauled our advertising platform technology to enable AI functionality and enhance self-service for all customer types. In Q2, we entered into cloud services agreements providing access to compute capacity at our Colossus and Colossus 2 sites. The initial ramp from these agreements contributed $1.6 billion of incremental AI infrastructure revenue in the quarter. Total costs and expenses for the AI segment rose $1.6 billion year-over-year, reflecting increased R&D, primarily due to higher infrastructure spend, as we accelerated compute deployment. We meaningfully narrowed our AI segment net operating loss to $1.3 billion and turned adjusted EBITDA positive for the segment in the second quarter at $1.1 billion.
通过利用现有计算能力带来的额外收益，新托管交易带来了较高的新增息税折旧摊销前利润（EBITDA）率。第二季度末，我们的名义计算能力达到1.4吉瓦，比第一季度的1吉瓦和去年同期的400兆瓦有所增加。我们预计今年年底的计算能力将超过2吉瓦。第二季度，公司总资本支出约为184亿美元，其中大约158亿美元用于支持人工智能计算基础设施。其余资金用于持续的星舰和发射基础设施建设、卫星生产和全球地面站的扩展。此外，在与我们即将进行的Echostar交易相关的频谱信贷协议下，我们在季度中支付了8.56亿美元。我们的资本配置优先事项仍然清晰且有纪律。
▶ 英文原文 ⏱
The incremental revenue from new hosting deals generated high incremental EBITDA margins as we monetized available compute capacity. We ended the second quarter with 1.4 gigawatts of nameplate compute, up from 1 gigawatt in Q1 and 400 megawatts a year earlier. We expect to end this year at over 2 gigawatts of compute capacity. Total company capital expenditures in the second quarter were approximately $18.4 billion, of which roughly $15.8 billion supported AI compute infrastructure. The remainder funded ongoing Starship and launch infrastructure, satellite production, and global ground station expansion. Additionally, we paid out $856 million during the quarter under our Spectrum Credit Agreement related to our pending Echostar transaction. Our capital allocation priorities remain clear and disciplined.
我们计划继续大力投资于三个我们认为能带来最高长期回报的领域：星舰的开发和量产、下一代星链宽带和移动星座，以及人工智能计算基础设施。在这三项投资中，我们始终关注资本效率、投资回报和保持强劲的投资级别资产负债表。从资本市场的角度来看，第二季度具有变革性。我们完成了首次公开募股，净筹集了约857亿美元，随后进行了250亿美元的首笔投资级高级票据发行，部分用于偿还我们的200亿美元过渡贷款。高级票据分为五个部分发行，平均利率为5.855%，平均期限为11.7年。
▶ 英文原文 ⏱
We plan to continue to invest aggressively in the three areas we believe generate the highest long-term returns: Starship development and production scale, next-generation Starlink broadband and mobile constellations, and AI compute infrastructure. Across all three of these investments, we remain focused on capital efficiency, return on investment, and preservation of a strong investment-grade balance sheet. The second quarter was transformative from a capital markets perspective. We completed our initial public offering, raising approximately $85.7 billion in net proceeds, and followed that with a $25 billion inaugural investment-grade senior notes offering that was partially used to repay our $20 billion bridge loan. The senior notes were issued across five tranches, with a weighted average interest rate of 5.855 percent and average maturity of 11.7 years.
我们在这个季度结束时持有1000亿美元的现金、现金等价物和有价证券，并且拥有475亿美元的积压订单。展望未来，我们在所有三个业务板块中持续看到强劲的需求，尤其是在我们的云服务安排方面。每签署一项协议，我们都看到经济效益越来越好，正如埃隆提到的，我们预计计算市场的供需失衡将继续存在。目前的经济状况使得我们在计算上的新资本投入实现不到一年的回本期。例如，在第三季度的最初几周，我们已经签订了额外67亿美元的云服务收入合同，这些合同将从今年10月开始逐步增加。我们相信，这将使我们包括来自Cursor的贡献在内，到今年年底实现年化收入率（ARR）达到1000亿美元的目标，基于我们对今年12月的预期收入。
▶ 英文原文 ⏱
We ended the quarter with $100 billion of cash, cash equivalents, and marketable securities, and $47.5 billion in backlog. Looking ahead, we continue to see robust demand in all three of our business segments, but in particular, in our cloud services arrangements. We see increasingly favorable economics with each agreement we sign, and as Elon mentioned, we expect the supply-demand imbalance in the compute market to continue. The current economics have translated into a less than one-year payback on our new capital deployments for compute. For example, in the first few weeks of the third quarter, we've already contracted an additional $6.7 billion of cloud services revenue over a six-month period that begins ramping starting in October of this year. We believe this puts us on a trajectory, including contribution from Cursor, to reach $100 billion of ARR, or annualized revenue run rate, by the end of this year, based on our expected revenue in the month of December of this year.
好的，现在我把电话交还给Andrea。谢谢Elon、Gwen和Brett。这是我们准备好的发言部分。接下来是今天的问答环节，我们将首先由股票分析师提问。请按*1加入问题队列，并请每人只提一个问题。接线员，请开始排队。我们现在开始问答环节。如果您想提问，请按*1举手。如需撤回您的问题，请再次按*1。请在提问时拿起话筒以确保最佳音质。若您本地设备静音，请记得取消静音。请稍候，我们正在整理问答名单。
▶ 英文原文 ⏱
With that, I'll turn the call back to Andrea. Thank you, Elon, Gwen, and Brett. This concludes our prepared remarks. For today's Q&A session, we will take our first questions from the equity analysts. Please press *1 to join the question queue, and also please limit yourself to one question. Operator, please proceed with the queue. We will now begin the question and answer session. If you would like to ask a question, please press *1 to raise your hand. To withdraw your question, press *1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster.
您的第一个问题来自高盛的Eric Sheridan。您的线路已打开，请继续。非常感谢您提问，也感谢您提供的详细信息和准备好的讲话。关于连接部门，我有一个问题。您能否讨论一下该业务部门中企业和政府合同的积压情况，以及我们如何理解这些积压合同转化为收入的过程？这对未来几年的增长速度和节奏意味着什么？非常感谢。
▶ 英文原文 ⏱
Your first question comes from the line of Eric Sheridan with Goldman Sachs. Your line is open. Please go ahead. Thanks so much for taking the question, and thanks for all the details and the prepared remarks. Maybe just one on the connectivity segment. Can you discuss the backlog of enterprise and government contracts in that segment of the business and how we think about that backlog, converting it to revenue, and what that might mean for the pace and cadence of growth in the next couple of years? Thanks so much.
我们对企业活动持非常乐观的态度。我提到我们从政府那里获得了超过60亿美元的合同。可以将这些看作是我们将上线的新能力的步骤和起始阶段，其中一些我们需要竞争。然而，从根本上来说，我们已有相应的合同来实现许多现象，不仅包括我们最近宣布的，还有将来要开展的其他项目。企业收入相当稳定。我们从未失去过一个企业客户，他们对我们目前的Starlink能力非常满意。Brett提到我们在航空业的渗透率只有10%，这无疑给了未来收入很大的提升空间。在海事领域，Starlink大大拓宽了可服务的市场。Starlink可以为那些目前没有太多连接选项且无法负担VSAT的船只提供连接能力，我们可以为这些船配备Starlink Maritime。因此，我对企业非常乐观，对政府业务也非常乐观，并且对我们在这些市场中看到的稳定性非常满意。
▶ 英文原文 ⏱
We are quite bullish on our enterprise activities. I mentioned alone that we received from the government over $6 billion in contracts. You can look at those as tranches and beginnings of additional capability that we will bring online, some of which we will have to compete. But fundamentally, we have the contracts in place to fulfill many phenomenologies, both the ones we've recently announced, as well as additional ones that we'll be working on going forward. Enterprise revenue is quite sticky. We have never lost an enterprise customer. They're quite happy with the Starlink capability that we have right now. Brett mentioned we are only 10% penetrated in the aviation industry, which definitely represents a lot of headroom for revenue going forward. Maritime, I think, Starlink opens up the TAM dramatically. Starlink offers the capability that ships that don't really have much connectivity right now, because they can't afford VSATs, we can basically outfit those ships with Starlink Maritime. So I'm quite bullish on enterprise, very bullish on government, and quite happy with the stickiness that we've seen in those markets.
好的，我来详细说明一下。为了获得大量企业收入，你必须证明你的系统非常可靠并且有很高的正常运行时间。而在初期阶段，Starlink 的正常运行时间并不高。很多企业客户，或者我可以说大多数企业客户，可能对Starlink 早期的体验还停留在那种连接不太稳定的印象。因此，我们其实在建立一个庞大的企业销售团队，去拜访企业、公司和政府客户，向他们展示 Starlink 目前超高的正常运行时间和低延迟。我们的目标是让他们认识到，Starlink 能够作为他们的主要服务提供商，而不仅仅是一个备用选项。为此，我们需要主动出去，与人们沟通，向他们介绍 Starlink 系统的现状和未来发展。我预计企业收入将大幅超过消费者收入。
▶ 英文原文 ⏱
Yeah, I'll just elaborate a little bit on that, which is that obviously, in order to secure a large amount of enterprise revenue, you have to demonstrate a very high reliability, very high uptime. And in the early days, Starlink did not have high uptime. And there's a lot of enterprise customers, most enterprise customers, I'd say, that still have that maybe early Starlink experience where it was a little patchy. So we actually were building up a large enterprise sales team, just to go out there, meet with enterprise, corporate and government customers, show them the incredible uptime and low latency of the Starlink system today. So they realized that they can actually treat Starlink as a primary provider, not sort of as a backup provider. This requires just going out there, talking to people, educating them about the, you know, the currency of the Starlink system and where it's going. And I would expect enterprise revenue to substantially exceed consumer revenue.
下一位提问者是摩根士丹利的亚当·乔纳斯。您的线路已打开，请继续。谢谢。埃隆，我有一个问题想确认一下。你说预计到27年底游戏计算能力会接近10吉瓦，是更接近10而不是5。你对获得芯片和涡轮机的许可有多大信心？然后我还有一个想问格温的问题。谢谢。
▶ 英文原文 ⏱
Next question, operator. Your next question comes from the line of Adam Jonas with Morgan Stanley. Your line is open. Please go ahead. Thanks. Elon, first one for you. Just confirming, you said you expect to be closer to 10 gigawatts of You expect to be closer to 10 gigawatts of gameplay compute by end of 27. Closer to 10 than five. Do you have line of sight? How confident is your line of sight on permitting chips and turbines for that? And then I have a follow up for Gwen. Thanks.
我们的目标是大幅超过既定的千兆瓦数，在电力上线、冷却系统和电气设备方面实现突破。我们的初步目标是在明年年底之前，实现在电力和冷却层面上线20千兆瓦的容量。尽管我认为20千兆瓦的目标不太可能完全实现，我们希望通过一系列项目累计达到20千兆瓦的规模。虽然其中一些项目可能无法按时完成，但我预计在发电厂层面，我们仍能接近15千兆瓦的容量。假设大约四分之一的项目需要更长时间才能完成。
▶ 英文原文 ⏱
So we're actually aiming to far exceed that gigawatt number in terms of power online, power cooling, and electrical equipment. So our tentative target is to actually have 20 gigawatts at the power and cooling level online by the end of next year. Now, I don't think we're going to achieve 20 gigawatts, but we want to have a series of projects that cumulatively come to 20 gigawatts by the end of next year. Some of them won't pan out exactly on time, but I would expect that we still probably have at the at the power plant level something close to 15 gigawatts. So assuming that, you know, maybe a quarter of the of the of the projects take longer than expected.
我们的目标是让电力、制冷和电气设备的能力远远超过我们的GPU数量。这是合乎逻辑的，因为与整个系统的其他部分相比，GPU的成本相对较高。SpaceX作为一家公司在硬件方面非常出色。实际上，我认为可能除了中国之外，SpaceX和特斯拉是全球硬件能力最强的两家公司，甚至可能包括中国在内。我们正在把用于火箭和卫星的一小部分专业知识应用到扩大全球数据中心上。我们发现，即使是将建造火箭过程中学到的一点知识应用到数据中心上，也能带来巨大的好处。因此，我们预计将拥有远超所需的电力和制冷能力。根据我们与NVIDIA的了解，我们明年将收到他们GPU中非常大的一部分。
▶ 英文原文 ⏱
So our goal is to have far more power cooling and electrical equipment than we have GPUs. But that's like logical thing to do, given the relative expense of GPUs versus balance of system. SpaceX as a company is incredibly good at hardware. In fact, I'd say probably outside of China, SpaceX and Tesla are the two best companies on Earth at hardware. Yeah, and I think perhaps even even including China. So we're taking a small amount of the expertise that we use for rockets and satellites and applying that to scaling terrestrial data centers. And we're finding that even a small amount of what we've learned building rockets, which are incredibly difficult applied to data centers yields tremendous benefits. So yeah, we expect to have far in excess of the power and cooling that's needed. And then our understanding with NVIDIA is that we will receive a very significant percentage of their GPUs next year.
好的，谢谢，Elon。Gwen，我有个后续问题。最近有人问你，SpaceX投资故事中哪个部分常常被低估。你提到了机器人。你能详细讲讲为什么这么认为吗？机器人如何融入SpaceX的计划？谢谢你，Gwen。我试着给你总结一下。我可能当时提到的是，未来我们需要的连接量被低估了。我认为机器人，尤其是与人工智能结合的机器人，比如用于汽车和人形机器人的，将会大大增加对连接的需求。大幅增加。Elon在他的话中也谈到了这一点。
▶ 英文原文 ⏱
Okay, thanks, Elon. Just, Gwen, just a follow up. You were recently asked what is one of the more underappreciated parts of the SpaceX investment story. And you said robotics. Can you elaborate on why you believe that? How do robots fit into the SpaceX cam? Thanks, Gwen. Let me try to put something together for you. I think what I might have said is underappreciating the amount of connectivity that we will need going forward. And I think robotics, especially robotics tied to AI, like for autos and humanoid robots, will dramatically increase the demand for connectivity. Dramatically. Elon talked about that in his remarks.
我的意思是，你可以将我们的卫星视为机器人。它们是自主运行的，不需要维修。那么，在看似遥远的未来——但其实会比你想象中来得更快——我们可以用机器人在月球上扩大生产规模。虽然现在听起来像是科幻小说，但这是会实现的，它将使我们能够在月球上建立质量加速器。如果在月球上有一个质量加速器，再加上月球上的太阳能和散热器生产，我知道这听起来有些疯狂，但你可能会将地球上的经济规模以千倍的智能发射到太空，甚至可能扩展到一百万倍。
▶ 英文原文 ⏱
I mean, you can think of our satellites as being robots. I mean, they're autonomous and they do not need servicing. So, and then, you know, in the sort of what may seem the far future, but will come faster than you think, you know, using robots on the moon to scale up manufacturing on the moon, which I know it sounds like super sci-fi right now, but it's going to happen, will enable us to build the mass accelerator on the moon. And if you have a mass accelerator on the moon and you have solar and radiator production on the moon, you can, I know this sounds totally nuts, but you can probably scale to a thousand times the economy of Earth in terms of intelligence launched to space, but probably, you know, maybe even a million times.
所以，你知道，我们计划在月球上运送大量的物资。我们会在那里建造工厂，机器人在这方面会很有帮助。然后就像，嗯，我们在向一个规模化的文明迈进时，需要多智能的技术呢？这些信息，亚当，你了解了吗？接下来提问的是来自花旗集团的约翰·戈登。您的线路已接通，请继续。嗨，谢谢你回答我的问题。到目前为止，SpaceX的一个标志性特点是高效利用资金。但也不难看出，要支持你们未来的愿景，资金需求依然很大。
▶ 英文原文 ⏱
So, you know, we are going to land a lot of tonnage on the moon. We're going to build the factories on the moon. The robots will be helpful with that. And then it's like, well, how much intelligence would you like as we, you know, grow towards being a cottage of two scale civilization? Did that get that for you, Adam? Your next question comes from the line of John Godden with Citigroup. Your line is open. Please go ahead. Hey, thanks for taking my question. One of the hallmarks of SpaceX to date is how efficiently the organization has used capital so far in its journey. But it's also no secret that the capital needs are significant to support your vision from here.
显然，公司正在快速发展，所以我希望您能多谈谈各个业务板块的资本支出前景，尤其是在哪些领域通过购买而非自主建设能够加速增长。移动策略显然是需要考虑的一部分，还有关于极端垂直整合（比如Terrafab）下一步所需的资本需求，以及任何支持未来增长的必要事项。谢谢。我非常感谢这个问题。我认为我们一直以来在资本分配方面做得很好，这一点我们感到非常自豪。我们将继续沿着这条路走下去。如果你看看过去的表现，我们一直非常高效，我相信我们将继续保持这种高效。
▶ 英文原文 ⏱
Obviously, the company's moving fast, so I was hoping you could talk a bit more about the CapEx outlook across the segments, touch upon any areas where buying versus building might accelerate growth, the mobile strategy obviously comes to mind there, and any related thoughts on capital needs for next steps in extreme vertical integration like Terrafab, anything that's needed to support future growth. So, thanks. Yeah, no, I appreciate the question. I think we are very proud of how we have managed capital allocation over the years, for sure. And, you know, I think we are continuing down that path, right? If you look at it, we have been very efficient to date, and I think we'll continue to be.
如果你看看今年剩下的时间，具体来说，对于资本支出（CapEx），我认为你可以预计接下来的两个季度与当前季度在资本支出水平上非常相似。不过，我认为从长远来看，资本支出并不都一样。从我们的角度来看，目前的情况是，我们能够在人工智能计算领域进行投资，并且能够在不到一年的时间里收回成本。这几乎让你的资本支出变成了一种类似于成本中的项目，因为它在盈利和转化为收入方面的速度非常快。
▶ 英文原文 ⏱
You know, if you look at the rest of this year, to answer specifically on CapEx, I think you should probably think that the next two quarters are very similar to the current quarter from a CapEx level perspective. But I do think, you know, as you look longer term, I think CapEx, really, I think for our perspective, all CapEx is not the same, right? What we're seeing right now is a situation where we're able to deploy, specifically on the AI compute side, we're able to deploy capital in such a way that we're getting less than a one-year payback. It's almost like your capital is becoming almost, you know, an item that you would put otherwise in COGS, because it's moving so quickly as far as monetization and moving into revenue.
这与过去 SpaceX 的做法有所不同。之前，我们专注于建设能够在未来几十年内为我们带来收益的发射场等资产。因此，从这个角度来看，我们一直在努力优化资本回报率。
▶ 英文原文 ⏱
That's different than, I would say, historically on the SpaceX level where, you know, we're building assets that are going to benefit us from launch sites for the next couple of decades. And so, we certainly manage for, you know, optimizing ROI on our capital, you know, all the time from that perspective.
好的，我来补充一下。正如布雷特提到的，我们预计今年12月会达到超过1000亿美元的年经常性收入（ARR）。另外值得一提的是，我们内部预期公司总收入达到一万亿美元的时间从2031年提前到了2030年。也就是说，在公司上市之前，我们预计在2031年达到一万亿美元的总收入，但现在期望在2030年就能实现，而且还有可能在2029年就达到这个目标。
▶ 英文原文 ⏱
Yeah, I'll add a little bit to that. You know, as Brett mentioned, we are expecting to reach $100 billion plus ARR in December of this year. And it's probably also worth mentioning that our internal projections for reaching a trillion dollars in revenue, not ARR, but revenue, have moved up from 2031 to 2030. So, prior to the IPO, you know, the financial projections we had were reaching a trillion dollars in revenue in 2031. We now expect that to be in 2030. And there's a non-zero chance of that being in 2029.
您的下一个问题来自美国银行的Ronald Epstein。您可以开始提问。好的，大家晚上好。能否请您详细说明一下在第13次星舰发射中学到了什么？哪些方面比预期更好？哪些方面不如预期？然后，我们该如何看待实现快速可重复使用的进程，比如隔热罩等方面？
▶ 英文原文 ⏱
Your next question comes from the line of Ronald Epstein with Bank of America. Your line is open. Please go ahead. Yeah, hey, hey, good evening, everybody. Could you walk through what you learned on Starship Launch 13? You know, what was better than expected? You know, what was worse? And then, you know, how do we think about this in the journey to kind of rapid reusability, you know, the heat shields, so on and so forth?
当然。那么，其实关于第13次飞行，我还是有点担心的。你知道，想想阿波罗13号，那次任务就出了问题。不过这次飞行非常顺利。热屏蔽似乎非常坚固，飞船现在还漂浮在海上。我们计划回收飞船，并带回进行分析。所以，我觉得情况看起来非常不错。正因如此，如果能获得相关部门的批准，我们会在下次飞行中尝试用塔架接住飞船。目前计划在本月底进行这次飞行。
▶ 英文原文 ⏱
Sure. So, the, yeah, actually, Flight 13, I was a little worried about that Flight 13, you know, because, you know, think about Apollo 13, like, things went wrong on that flight, you know, but this flight actually went incredibly well. The heat shield appears to be very robust. The ship is still floating in the ocean. And we expect to recover the ship and bring it back for analysis. So, I'd say things look very good. And that's why we, assuming we receive regulatory approval to do so, we'll attempt to catch the ship with the tower on the next flight, which is tentatively scheduled for the end of this month.
我们预计航班的频率会迅速增加，大概一年后，我们每天至少会有一次航班，可能更多。接下来是来自摩根大通的Doug Anmuth的问题。您的电话线路已接通，请继续发问。非常感谢您回答我的问题。Elon，您能详细说明一下如何利用您在火箭和卫星方面的专业知识来加速计算基础设施的建设吗？
▶ 英文原文 ⏱
And we expect the cadence of flights to be increasing rapidly, and probably a year from now, we will be doing at least one flight a day, possibly more. Your next question comes from the line of Doug Anmuth with J.P. Morgan. Your line is open. Please go ahead. Thanks so much for taking the questions. Elon, can you elaborate on the key unlocks from leveraging your rockets and satellite expertise just in accelerating the pace of compute build out?
当然，非常感谢这些新增的价值67亿美元的计算交易。您能否详细谈谈您对未来供需环境的预期，以及是否能够维持这些交易的高价策略和可持续性？
▶ 英文原文 ⏱
And then, totally appreciate the $6.7 billion in incremental compute deals. Can you talk more about just how you expect the supply-demand environment to persist going forward, and whether you'll be able to keep this kind of premium pricing for these deals and sustainability?
埃隆·马斯克：好的，你知道，有一句俗语说，不是什么难事，不像火箭科学那样难。然而，火箭科学实际上就是我们的日常工作。你知道，火箭科学通常被用作形容极度技术困难的表达，这也是有原因的。让我告诉你，火箭在每次发射时最想做的事情就是把自己炸成碎片。
▶ 英文原文 ⏱
Elon Musk: Sure. Well, you know, as the saying goes, you know, as long as they say, like, they would say, like, this ain't rocket science. Well, actually, rocket science is literally our daily business. And, you know, rocket science is an idiomatic expression for extreme technological difficulty, and there's a reason for it. It's because the thing -- let me tell you what rockets desperately want to do every flight. They desperately want to blow themselves into tiny pieces.
工程方面的挑战在于如何让火箭不要自我炸成碎片，而是成功地将有效载荷送入轨道。不过你会注意到，我们的一些竞争对手确实发生过火箭爆炸。这并不表示他们没有能力。事实上，我认为我们的竞争对手都是非常聪明的人。但即使他们非常聪明，火箭还是有可能会爆炸。
▶ 英文原文 ⏱
And then the engineering struggle is to convince the rocket not to blow itself into tiny pieces and actually deliver payload to orbit. But you'll note that, you know, some of our competitors do, in fact, blow their rockets up. This is not a reflection on their -- it does not mean they're incapable. In fact, I think our competitors are very smart people. But despite being very smart, the rockets will blow up.
如果你将用于制造可以定期可靠地进入轨道的大型火箭的工程技术运用到地面数据中心，那么这种对比就类似于纽约扬基队去和少棒联盟的球队比赛，这基本上就是有点儿滑稽。相比于制造频繁发射、可重复使用的大型火箭，地面数据中心的问题显得非常简单。
▶ 英文原文 ⏱
So now if you apply a small amount of the engineering skill that goes into making gigantic rockets reach orbit on a regular basis reliably to terrestrial data centers, this is like, frankly, the Yankees, New York Yankees going in and playing a little league team, and it's -- it's -- it's kind of ridiculous, frankly. This is -- like, the terrestrial data centers are a trivial problem compared to making gigantic reusable rockets, and -- which are launched frequently.
“星链（Starlink）卫星可以说是拥有外星级别的技术。目前还没有任何东西可以和我们的星链V2卫星相媲美。而我们的V3卫星则比V2卫星更强大一个数量级以上。因此，如果将这项工程技术的一小部分应用到地面数据中心，就能取得惊人的成果。这就是我们现在所看到的。”
▶ 英文原文 ⏱
And the Starlink satellites also are, like, alien-level technology. There's still nothing that compares to our Starlink V2 satellites. And our V3 satellites are really more than an order of magnitude better than our V2 satellites. So -- so you take a small percentage of that engineering, apply it to terrestrial data centers, and you get an amazing outcome. So that's what we're seeing.
是的。从货币化的角度来看，如果你问我对每瓦"Rubens"可以带来多少收入的最佳猜测是什么，我的猜测可能是在30到50美元之间。这只是一个猜测，不过我们显然看到，AI的每瓦智能正在迅速提高，这也意味着每瓦的实用性在快速提升。
▶ 英文原文 ⏱
Yeah. Now, from a monetization standpoint, the -- if you say, like, what's my best guess for monetization per watt of, say, Rubens, my guess is -- would be somewhere between $30 and $50. Um, this is just a guess, I'm just -- you know, take a guess as a guess. Um, but -- but what we're obviously -- what we're seeing with AI is that the intelligence per watt is increasing rapidly. Um, so that means the usefulness per watt is increasing rapidly.
嗯，我认为对人工智能领域密切关注的人会注意到，越来越小的模型正在做越来越惊人的事情。有人认为，我们可能会达到这样的阶段：即使是一台 H100 也能够提供与人类工程师相当的有用人工智能。基于目前的趋势，我认为这并不是不可能的结果。那么这有多大的实用价值呢？我认为其实用价值会非常高。如果我们回顾一下12个月前的人工智能水平，12个月前是去年的8月，那时候还没有出现Claude 4.5。我认为Claude 4.5可以被视为一个重要的里程碑，并为Anthropic赢得了声誉。Claude 4.5的表现确实非常出色，这对整个行业来说都是一个震撼。
▶ 英文原文 ⏱
Um, and I think anyone who's a close follower of the AI arena, um, you -- you -- you start seeing smaller and smaller models do more and more amazing things. Um, there's an argument that, um, we -- we may get to the point where even an H100, uh, is able to deliver useful AI that's comparable to, um, a human engineer. Um, at -- if you -- based on current trends, I think that's -- that's not an impossible outcome. So then it's like, how useful would that be? I think the usefulness that would be -- is going to be extremely high. Um, I mean, if you think of, like, where was AI 12 months ago? I mean, this is -- 12 months ago would have been -- August last year. This is -- that would have been before the advent of Claude 4.5, which I think is -- should be considered one of the -- the milestones and accreditation. That's -- to anthropic -- of -- you know, it was -- it was -- I would say a shock to the system, uh, was how good Claude 4.5 was.
呃，那是大概十个月前的事情了。嗯，如果你问，两年前的人工智能呢？我会觉得，两年前的人工智能现在应该放在博物馆里。那种感觉就像是，你可能不敢相信，但两年前这就是人工智能，一个古董。所以，我觉得到了明年年底，以目前的改进速度来看，数字化、至少是人工智能，能不能做到一切，我还不太确定。然后你看看现在逻辑和存储的生产速度。我们始终要考虑这里的限制因素。目前的限制因素是存储。存储的产出率每年大约增加20%。
▶ 英文原文 ⏱
Um, and, uh, and that was, you know, 10 months ago, basically. Um, and -- and if you say, well, what about an AI two years ago? I think, well, an AI two years ago feels like something that should be in a museum. Okay, where you're like, you're not going to believe this, but two years ago, this was AI. Um, this relic. Um, so I -- I think, you know, by the end of next year, it's not clear to me that there's -- that there's anything that I -- that digital, at least, that AI won't be able to do, um, based on the current rate of improvement. Um, then look at the rate at which, uh, logic and memory is being produced. Um, and one must always consider the limiting factor here. Limiting factor currently is memory. The memory -- memory output is increasing, um, by around 20% per year.
现在，通常情况下，这种情况会让人觉得非常非常快，而且对于任何大型、成熟的行业来说都是惊人的。但是，问问你自己，需求是以每年20%的速度增长吗？不，需求实际上是以每年200%的速度增长，也可能更高。所以，如果需求增长的速度远远超过供应，按照经济学基础理论，价格会增加，而不是减少。接下来，请德意志银行的爱迪生·于提问。您的线已开放，请开始提问。
谢谢您接受我们的提问。想要回到关于1000亿美元AR（年度经常性收入）的评论。能否详细说明一下这个目标，以及达到它需要做些什么？另外，伊隆，我知道你提到将收入目标提前了一年。
▶ 英文原文 ⏱
Now, normally, that would be, uh, fantastically fast, uh, and -- and -- and amazing, uh, for any large, mature industry. But -- but ask yourself, is the demand increasing by 20% a year? No, the demand is increasing by 200% a year. Maybe higher. So, um, so if you've got demand increasing much faster than supply, then Economics 101 would suggest that the -- the price increases. It does not decrease. Your next question comes from the line of Edison Yu with Deutsche Bank. Your line is open. Please go ahead. Thank you for -- for taking our question. Wanted to -- to come back on the -- the comment about the $100 billion in AR. Is there any way you can -- can unpack that a little bit, and -- and perhaps kind of what it takes to -- to get there? And then, in relation to that, Elon, I know you mentioned you -- you pulled the -- the revenue target forward by a year.
您能指出一些让您额外自信的因素吗？谢谢。关于这个问题，我认为关键在于所有三个业务领域的增长。但最大的一块是，我们已经在AI云服务方面的业务上取得了一些进展。我们已经在七月的头几周里达成了一些业务。此外，如您所知，我们已经宣布了一些与谷歌和Anthropic的交易，这些交易将在这个季度晚些时候或十月逐步加速。我们的业务有很大的发展势头，同时我们也看到自己的模型表现强劲。Cursor也加入了这一行列。
▶ 英文原文 ⏱
Can you maybe call out maybe a few things that -- that gave you this -- this extra confidence? Thank you. Well, on the unpacking, I think that the key there is, uh, it's really growth in all three of the business. But the biggest piece is -- and we already talked about, you know, additional business -- we've already closed in the -- the first couple of weeks of -- of July on the -- the -- the AI cloud services side, but certainly, um, as you know, we -- we've already announced some previous deals with Google and Anthropic that start to ramp, um, either later this quarter or, uh, you know, in October. And so there's a lot of momentum from that side of the business, as well as we're seeing, uh, you know, strength in our own models. And, um, and cursor, uh, coming into the fold, as well.
所以，这实际上是由三个部分共同驱动的，但云服务是其中最大的贡献者。需要明确的是，12月的1000亿年经常性收入不是一个未知数。即使我们什么都不做，也能达到这个目标。所以，我认为这个数字可能会更高，甚至有可能超过这个目标。至于收入的构成比例，可能和我们在上市前分享的类似。
▶ 英文原文 ⏱
So it's really all -- all -- all -- all three segments that are -- that are driving that, but the, uh, the cloud services piece being the largest contributor of that piece. Uh, yes, like, to be clear, the -- the 100 billion ARR in December is not a question mark. That's -- that's -- that's what we'd achieve if we basically did nothing. So, um, like, you know, so it -- it -- it -- I think it may be higher than that. It probably will be higher than that. Um, the, uh, you know, I -- I -- I think in terms of the relative -- relative percentage of, you know, breakdown of, like, what revenue generates what, um, I think the -- the breakdown's probably similar to what we -- we shared pre-IPO.
嗯，这件事只是提早了一年发生。嗯，我会回到我之前说过的话，以及Gwen和Brett之前提到的，就是我们预计星链通讯的收入会因为V3卫星而迅速增加。因为，正如我所说，它的能力是V2卫星的十倍多，我们将发射多达十倍数量的卫星，而且我们还有直接连接手机的星座正在部署。因此，我们正在基于V2卫星观察星链的历史增长，但V3卫星的出现会带来巨大的改变。
▶ 英文原文 ⏱
Um, it's just happening a year -- a year sooner. Um, and, um, you know, I will go back to what I said and -- and what Gwen and Brett mentioned earlier, which is that we -- we do expect a very rapid increase in, uh, revenue from Starlink communications from the V3 satellite. Um, because, like -- like I said, we're -- it's more than 10 times the capability of the V2 satellite, and we'll be launching 10 times as many, and -- and we have the direct-to-cell constellation going up as well. So, um, you know, so -- so -- so -- so -- so -- so we're looking at the sort of historical growth of Starlink based on V2, but -- but we have a step change, a massive step change happening with the V3 satellite.
您的下一个问题来自瑞银公司的John Hodalick。您的线路已打开，请继续。John Hodalick：好的，谢谢。呃，有两个问题。首先，Elon，关于您刚才提到的Starlink移动业务，您预计何时开始发射V2版本？您能谈谈在完成Ecrostar交易后对额外频谱的需求吗？然后，呃，您认为移动业务的机会有多大？如果您能将其与宽带业务进行比较，那就太好了。
▶ 英文原文 ⏱
Your next question comes from the line of John Hodalick with UBS. Your line is open. Please go ahead. John Hodalick: Great. Thank you. Uh, two things. Uh, first, Elon, just following up on the -- on that comment on Starlink Mobile, uh, when do you expect to start launching the -- the -- the V2s? Um, can you talk about your appetite for additional spectrum after the Ecrostar deal? And then, um, just -- just how big do you think that the opportunity is -- is in mobile? And -- and if you could compare that to the -- to the broadband business, that would be great.
其次，关于计算能力，我有一个快速跟进的问题。看起来你们在2027年将会有一个大的计算能力增长。我们应该如何看待这些计算能力是用于出租，还是用于训练Grok？换句话说，需要保留多少计算能力来训练Grok，而多少可以租给第三方？谢谢。
▶ 英文原文 ⏱
And then, secondly, just a quick follow-up on the compute. Looks like you're gonna -- you have a big ramp and compute coming in 2027. Um, how should we think of, you know, that capacity being leased versus used for -- for, you know, to train Grok? I guess, in other words, you know, how much of that has to be withheld to -- to train Grok versus that can be leased out to -- to third parties? Thanks.
好的，约翰，我来回答有关星链移动的问题。我们计划开始发射下一代星链移动卫星。尽管有些混淆，但实际上这算是第二个版本，而不是V3版本，后者是用于宽带的下一代卫星。我们将在明年开始发射这些卫星。
▶ 英文原文 ⏱
I'll go ahead and take the Starlink Mobile questions, John. Um, we're gonna start flying the next-generation Starlink Mobile Satellite. It's confusing. It's actually the second version, um, as opposed to the V3, which is the broadband -- next-generation broadband satellite. We're gonna start flying those, uh, next year.
嗯，让我解释一下，目前我们使用的系统大约占用五兆赫的带宽，我们通过本地电信服务提供商来运营这部分带宽。我们通过Echostar频谱还可使用65兆赫的带宽，这大大增加了我们的能力。换句话说，我们的卫星数量也可能增加到10倍。
▶ 英文原文 ⏱
Um, and just so you understand, currently, the system that we're operating uses about five megahertz of bandwidth, um, and we -- we -- we operate that through local telco providers. We -- we have 65 megahertz of bandwidth available to us through the Echostar, uh, spectrum, uh, which gives massive increase in capability. Another way to look at it is we -- we were also probably 10X the number of satellites.
我们可以简化地说，Starlink移动利用下一代卫星和Echostar频谱，将提升100倍，也就是目前性能的10倍再乘以10倍。现在的服务已经算不错了，你可以通过Signal和WhatsApp进行语音和视频通话。因此，我们预计这种能力会有非常强劲的用户增长。
▶ 英文原文 ⏱
So we -- simplifying, you could look at the -- the -- the Starlink Mobile leveraging this, um, the next-generation satellite and the Echostar spectrum as being 100 times better. 10 times 10 better than what we've got right now. And it's a pretty decent service. You can do voice and video calls over, um, signal and WhatsApp. Um, so we anticipate really strong uptake of that capability.
就收入而言，我打算从一个比较高层次的角度来看，美国的三大电信公司——AT&T、Verizon和T-Mobile——每年总收入大约是6000亿美元。我预计我们能够吸引到他们不少的客户，因为我认为我们的服务会更好。
▶ 英文原文 ⏱
As far as revenue, like, I'm just gonna take a very high-level, kind of top-down, um, the big three in the United States -- AT&T, Verizon, and Timo -- roughly, between them, $600 billion a year. Um, and -- and I anticipate us to be able to acquire quite a few of their customers, 'cause I think our service will be better.
嗯，我们将利用在轨卫星来消除信号死角。这样在各种自然灾害期间，服务将会更好。虽然许多太空电影让太空看起来非常危险，但其实太空是一个相对平静的环境。因此，我对Starlink Mobile的未来感到非常兴奋。我们计划明年开始发射卫星，并将在明年年底开始提供服务。
▶ 英文原文 ⏱
Um, we will eliminate dead zones, leveraging the, um, uh, the -- the -- basically, the satellites in orbit. It'll be better during any sort of natural disaster, because, surprisingly, even though space movies make space look super dangerous, is a pretty quiescent environment, um, and, uh, so I -- I'm quite excited about Starlink Mobile going forward. We will start to fly the satellites next year, um, and we will start providing service end of next year.
轮到你了。我想我应该详细说明一下——显然，我们这里问了不止一个问题，但是，如果有人试图建立一个财务模型，其中一些问题需要你在这里填入一些数字。至于Grok的训练，我们预期内部用于Grok训练的计算资源比例会随着时间的推移而减少，而更多的计算将用于推理，或者用于将训练和推理的计算资源出租给其他人。
▶ 英文原文 ⏱
You're next. I guess I should elaborate on -- we obviously have, like, more than one question being asked here, but, um, the -- you know, obviously, if somebody's trying to create a financial model, some of these questions are -- you have to plug them in -- plug in some number here. Uh, so for -- for Grok training, we -- we do expect, uh, the -- the percentage of compute that we use internally for Grok training to -- to decrease over time, and to have far more of the compute used for inference, uh, or to -- you know, for -- for renting, uh, training inference compute to others.
嗯，我预计大概会有10%的计算资源用于Grok的训练，之类的。接下来是来自Evercore ISI的CatGun Marl提问。您的通话线路已打开。请继续。下午好，感谢您接受我的提问。
▶ 英文原文 ⏱
Um, so I would expect maybe, you know, 10% of our compute to be used for Grok training, something like that. Your next question comes from the line of CatGun Marl with Evercore ISI. Your line is open. Please go ahead. Good afternoon, and thanks for taking the question.
我想了解一下Starlink Mobile以及您在美国市场上特别是消费者服务方面的计划。很多人都希望更好地理解Starlink在美国直面消费者服务会是什么样子。成为美国第四大运营商意味着在未来需要投入超过1000亿美元的移动资本支出，其中很大一部分是用于频谱拍卖和新建基础设施。那么，您是如何在自主建设计划与租用网络（MVNO）或收购路径之间权衡的呢？
▶ 英文原文 ⏱
I had a follow-up on Starlink Mobile and your ambitions in the U.S. market in particular. And I think a lot of us are trying to better understand what a U.S. direct-to-consumer service could look like. You know, to become a true fourth U.S. carrier would imply well over $100 billion of mobile CapEx over time, much of it auction spectrum and greenfield infrastructure. So how are you weighing that potential build plan against the MVNO or acquisition path?
您能否说明一下，您们内部对这一目标有多大的期望？或者说，对目前的阶段来说，这个问题是否显得有些过早？谢谢。我们从Echostar购买的频谱确实包含地面组件。所以我们绝对计划发展地面组件。这样一来，您不仅会拥有来自卫星的容量，还会有地面硬件和系统的建设，最终实现您想要的真正移动服务。
▶ 英文原文 ⏱
And what's your internal base case on how far you'll take this ambition? Or is this all a little bit too premature at this point? Thank you. Uh, the spectrum that we purchased from Echostar does have terrestrial components. So we definitely intend to build out terrestrial, um, the terrestrial component. So you will have not only the, um, the capacity from the satellites themselves, but you will have, um, a build out of the terrestrial, um, basically the hardware and systems necessary to make a true mobile service exactly what you want it to be.
嗯，我这次不打算讨论这方面的资本开支。呃，不是说这不成熟，只是说我现在不打算谈论它。不过，我可以给一点提示。也就是说，你可以在安装了Starlink宽带接收器的设备上放置一个蜂窝基站。这样，你就能在全国范围内部署这种小型的微基站（femto cells），按需使用。而且，你无需在部署系统之前，就在低频带上一次性投入数十亿甚至更多的资金。因此，我不想现在讨论建设地面网络的资本开支，因为我们有很多非常新颖和不错的想法来实现这一点。
▶ 英文原文 ⏱
Um, I'm, I'm not going to talk about the CapEx for that. Um, it's a little, well, I don't want to say it's immature. I'm just going to say, I'm not going to talk about the CapEx for that right now. Um, but, but let's talk a little, let me give a little hint. And that is, you could put a base station, um, uh, a cellular base station on, uh, the, basically the gear that holds a Starlink broadband dish. So you can have kind of these little femto cells, uh, around the country and you deploy that as you need it. You don't have to, um, necessarily spend, you know, 10 or many billions of dollars in low band spectrum all upfront before you deploy your system. Um, so, uh, that's why I don't want to talk about the CapEx for building out the terrestrial, because we have a lot of really kind of great and new ideas for how we're going to do that.
我认为这样做会相当节省资本支出。是的，这一点可能值得再多说几句，因为这确实是一个非常重要的方面。我们不再需要部署那些非常昂贵且难以找到位置的大型蜂窝基站。我们相当有信心可以部署大量的小型基站，这些基站实际上就是星链天线，同时也能在移动频段提供连接。这些星链天线会被安装在房屋和商户的屋顶上。
▶ 英文原文 ⏱
And I think it will be quite CapEx efficient. Yeah, that, that point is probably worth, uh, just a few more words, which is that, um, because this is quite an important point, uh, you know, instead of having to, uh, deploy these, these very expensive and difficult to locate, uh, large, uh, cellular base stations, uh, we, we, we feel reasonably confident that, uh, we can deploy a large number of sort of small, small, small stations, essentially that they're really just styling dishes that also provide connectivity in the mobile spectrum bands, um, and have them be all over the place. Um, and, and the, the, the star link antennas are located in, uh, in, on, on the roofs of, of houses and businesses.
所以，他们有一个很明确的目标，也就是说，直接为地面上的手机提供连接。事实上，我们认为他们提供的连接可能比目前的蜂窝网络供应商提供的更好，带宽更高。这是一个重要的观点。谢谢大家。接下来，我们想用剩下的时间回答一些来自个人股东的问题。我会把问题读出来。我们收到很多关于星舰（Starship）人类着陆系统进展的提问。我们能否提供一些更新？关于星舰的情况。
▶ 英文原文 ⏱
So they're, you know, it's, uh, that they've got a sort of a clear view, uh, to, you know, for, for providing connectivity directly to the cell, to cell phones on the ground. Um, and, and in fact, providing connectivity, that is, we think probably better and higher bandwidth than, uh, what is currently available from cellular providers. This is a, this is an important point. Thank you. With the remaining time, we would like to cover some of the questions from individual shareholders. I will read them aloud. We got a lot of questions on the progress for starship human landing system. Can we provide any updates? For starship?
当然，在我们让人类登上星舰之前，必须先确保它对卫星来说超级可靠。不过，我们预计发射频率会非常高，希望能在年底前快速达到人类所需的安全标准。至于里程碑计划，轨道内推进剂转移对我们内部的SpaceX和HLS（人类着陆系统）的目标都至关重要。阿尔忒弥斯三号任务是在明年，我们将在任务中与猎户座飞船对接。随后，我们将进行一次货物直达月球的无人任务。
▶ 英文原文 ⏱
Well, obviously we need to make starship, uh, super reliable for satellites, uh, before we put any people on board, but, but we are expecting to have a very high launch rate, unless achieve, um, a level of safety needed for humans very quickly, uh, probably by the end of next year. As far as the milestones go, um, propellant transfer in orbit is critical to our, uh, both the, our internal space X, as well as our HLS, uh, ambitions. Artemis three mission is next year. That's where we will dock with, um, with the Orion spacecraft. Uh, we will follow that up with a direct to lunar cargo mission on crude.
然后，我们想在2028年实现人类登陆月球的计划。在关于光标收购的过程中，有几个问题是关于公司合并后的产品路线图。就这方面，我们可能会在财报电话会议之外的其他场合进行公告或讨论。不过，我们不想在监管机构批准收购前操之过急，因此我们正尽力加快收购进程。我觉得我们离完成收购已经很接近了，但还是得注意不要在监管机构批准前过早行动。
▶ 英文原文 ⏱
And then, um, we want to put boots on the ground boots on the moon in 2028. For the cursor acquisition, there were several questions asking about the combined product roadmap for the companies. Once it closes. Um, I think we'll leave that to, um, uh, we'll probably make some announcement or discussion of that outside of the earnings call. Um, but we don't want to jump the gun on regulators for, uh, the, uh, closing the acquisition. So we're, we're trying to get the acquisition closed as quickly as possible. I think we're, we're pretty close to that, but, but we have to worry of sort of jumping the gun on regulatory closures.
来自个人股东的下一个问题是，一旦你们开始发射宽带V3卫星，会多快改善Starlink服务？嗯，我来回答。我们需要达到V3卫星的一个临界数量，可能至少要大约一千颗。不过，我想大概会在明年第二季度达到这个数量。我们的最后一个问题是，隔热罩是“星舰”项目中剩下的最难问题吗？
▶ 英文原文 ⏱
Next question from the individual shareholders. Once you start launching broadband V3 satellites, how quickly will they translate into improved Starlink service? Well, I did it. So we'd need a, uh, some critical mass of, uh, V3 satellites, probably at least on, on the order of about a thousand. Um, but, um, probably that's, you know, I mean, approximately second quarter next year, uh, would be, I think we would get, get to that point. And our last question is the heat shield the hardest remaining problem for Starship.
嗯，看，我不想给它带来霉运或者什么的，但我觉得，我们现在可以认为热盾问题已经解决了。目前，我们需要仔细检查一下正在海上漂浮的船。但从所有数据和我们的目测检查来看，证明我们已经解决了热盾问题，而这个问题可以说是最大的问题。当然，这并不意味着我们不会改进热盾，我们当然会继续改进它，但我想说，现在我们已经看不到实现完全和快速重复使用的技术障碍了。
▶ 英文原文 ⏱
Um, look, I don't, I don't want to jinx it or anything, but I, I think, I think we're, I'd consider the heat shield problem solved at this point. Um, and we, we want to take a close look at the, uh, ship that, uh, is currently floating in the ocean. Um, but, but all, uh, all indications from data and our visual inspection, um, suggest that the, that, that we have, we have solved that the heat shield problem, um, which is, uh, arguably the single biggest problem. Um, that doesn't mean we want to make improvements to the heat shield. Of course, we'll make, we'll continue to make improvements to the heat shield, but I would say that, um, we, we do not see any technical obstacles at this point to achieving, uh, full and rapid reusability.
谢谢大家。今天的电话会议就到此结束。您可以通过 ir.spacex.com 联系我们，我们将在下个季度见。再见。 感谢大家参加今天的会议。您现在可以离开了。好的，各位。我们来回顾一下内容，并可能有机会重新看一下早前的一些数据，因为从股东信到财务结果之间的时间比较紧凑，请大家稍等一下。请告诉我音频是否正常。我总是有点担心这个问题，但目前看来一切都很顺利。我现在要确认一下这次直播是否结束。好的，SpaceX 的电话会议结束了。
▶ 英文原文 ⏱
Thank you. This concludes today's call. You can reach us at ir.spacex.com and we will see you next quarter. Cheers. This concludes today's call. Thank you for attending. You may now. All right. Hey everybody. We'll do some, uh, some recapping here and maybe have a chance to go through some of the earlier numbers since we had a more compressed time period in between the actual shareholder letter and financial results as, uh, in between the earnings call. So bear with me a second. Let me know if the audio is all good. I always get a little bit worried about that, but it seems like everything's going okay right now. And I'm just gonna flip over, make sure that this broadcast has ended. Okay, great. On the space X call.
好的，嗯，可以说非常有趣。嗯，那是，我不知道。我是说，我对这家公司感到很兴奋，我已经这样觉得很久了。我想你们中的许多人也有同感。正如我今天早些时候所说，很高兴能够听取SpaceX的介绍，了解管理层对公司未来的方向、一些他们设立的目标以及他们认为可以实现的里程碑。我确实觉得他们今天做到了这一点，无论是在股东信中，还是特别是在财报电话会上以及一些你们知道的评论中。
▶ 英文原文 ⏱
All right. Well, uh, certainly very interesting. Uh, that was, I don't know. I mean, I'm, I'm excited about this company. I've been for a long time. I think many of you share, share that feeling. Um, as I said earlier today, it's going to be really fun to hear from space X, hear from management about the direction for the company, some of the goals that they have out there, some of the milestones that they think that they can hit. And I definitely think that they did that today. Um, both in the shareholder letter and also then particularly on the earnings call, uh, with some of, you know, the comments here.
好的，让我来完成我最后一个关于快速重复使用的讲解——无论这个词怎么拼写。好的，看看。音频很好，太棒了。嗯，感谢你们的参与。这真的很有趣。我想回过头来强调一些事情。我确实加粗了其中一个重点，我们就从这里开始吧。这不仅对我很重要，对在座的各位来说也很重要。我认为他们讨论的有关Starlink、直连手机和V3卫星的内容非常非常重要。
▶ 英文原文 ⏱
So let me just finish my last note on rapid reusability, however that's spelled. Okay. Uh, let's see. Audio is good. Fantastic. All right. Well, hey, I appreciate you guys joining for this. This has been, this has been fun. I do want to go back and highlight some things. Um, I did bold one thing. We'll, we'll kind of start there. That was emphasis for me, but also for, you know, the audience here too. So I think it was really, really important what they talked about with Starlink, with direct to cell, with the V3 satellites.
我觉得这真的被误解了。我虽然没有发过很多关于SpaceX分析的内容，但我主要分享的一项内容是关于他们的V3版本。当你把SpaceX在V3相较于V2版本上取得的巨大进展考虑进去时，特别是在卫星方面，人们需要明白，Starship自身以及它的有效载荷能力（无论是重量还是体积）使得拥有与Falcon 9不同形式的卫星成为可能。因为你可以采用更大的设计形式，所以能够制造出性能更好的产品。
▶ 英文原文 ⏱
I think this is just really misunderstood. I haven't posted a ton about, you know, space X analysis, but the, probably the major thing that I did post was, was basically looking at, at this with V3. When you combine the sort of like order of magnitude progress that space X feels like they're making with V3 from V2, just with the satellites, which people need to understand that that starship itself and the payload capacity that has by weight and by volume opens up the ability to have a different satellite form factor than a Falcon 9 would have. Because you have a capability to have a different form factor, something that's larger, you can create something that performs much better.
这几乎就像产品的规模经济，对吧？就好比你能获得更多的重量和体积空间。有了更多的资源，你就能做得更多，同时还能在这些新增的产品资源上实现效率提升。所以你不仅仅是在利用时间效率、经验教训和技术，还在利用更高效的产品交付形式。而这仅仅是在卫星本身上的改进。SpaceX不断提到，这种改进使他们从V2到V3卫星的能力和数据传输效率提高了约10倍。这个改进幅度使得他们在提供宽带和数据传输方面大大提升。
▶ 英文原文 ⏱
It's almost like economies of scale for a product, right? Like you have more weight volume available to you. And with that more, you can do more, but gain efficiencies on that additional, you know, product availability. So not only are you leveraging like time efficiencies and learnings and technology, you're also leveraging the ability to deliver the product in a more efficient form factor at the same time. And that's just on the satellite itself. And that is what space X continually is saying is basically giving them a 10 X improvement order of magnitude improvement roughly from V2 to V3 satellites in terms of just their capability, their efficiency of delivering broadband, delivering bits of data.
然后，你不仅仅是在卫星本身上实现了改进，卫星是连接业务的核心基础设施，我们今天早些时候讨论过这个问题，比如说，哦，你知道，是否应该将发射研发、太空研发包含在连接业务的运营利润中？因为这是一个重要因素，因为显然你需要通过发射才能完成整个连接过程。这也是为什么SpaceX是一家如此出色的公司，因为他们在同一个业务中拥有这两个环节，并且它们相互促进，这正是我们现在讨论的内容。
▶ 英文原文 ⏱
And then not only do you have that improvement on the actual satellite itself, which is the core infrastructure for the connectivity business, which we were talking about a little bit earlier today, where it's like, oh, you know, should you include like launch R and D space R and D in connectivity operating margins? Because that's a big factor, because obviously you need launch to do the whole connectivity thing. This is part of why space X is such an amazing business, right? Because they have both these all in the same business and both of them leverage each other, which is what exactly we're talking about here.
由于SpaceX在卫星技术方面的提升，同时，他们也在Starship上取得了很多改进。Starship能携带更多的有效载荷，并且发射费用更低。相比起Falcon 9，Starship的性能提升了大约10倍。我在之前提到的那篇文章中详细讲解了相关计算，但简单来说，卫星的服务能力提高了一个数量级，而Starship则在将这些卫星送入轨道方面实现了同样数量级的改进，且成本更低。
▶ 英文原文 ⏱
But because space X has this improvement in the satellite, and then at the exact same time, they also have all of the improvements associated with Starship, which is again, more payload, basically launched for a way cheaper price, right? And then you're looking at that basically being a 10 X improvement from where Falcon nine is. I went through the math more specifically in that post that I'm mentioning. But just roughly speaking, order of magnitude improvement on the satellite in terms of ability to deliver service, order of magnitude on Starship improvement in terms of ability to put that product, that satellite in orbit for a certain price.
这基本上意味着，你将提供这项服务的成本降低了100倍。这还不是我要强调的部分。你把服务交付的成本降低了，这项服务已经实现了50%的毛利率和38%的营业利润率，而你却将其成本降低了100倍。我不理解为什么有人会看不懂，因为这实在是太夸张了。Elon说得很清楚，人们可能会根据过去的情况来分析和建模Starlink，但那些都是V2版本的数据，完全没有涉及Starship，也没有涉及V3卫星。这就像是在分析一项业务，但没有考虑到即将发生的100倍的变革。如果你打算这么做，那显然是极其短视和愚蠢的。
▶ 英文原文 ⏱
That basically means that you're lowering your cost of providing that service by 100 times. And this isn't even the part I bolded yet. So you're lowering the price to basically deliver the service, which is already delivering a 50% gross margin, a 38% operating margin this quarter by 100 times. Like, I don't understand how people don't get this, because that's absolutely insane. Elon was specifically saying like, oh yeah, people might look and model Starlink historically on what was like happening. But all of that is V2. None of that's Starship. None of that's the V3 satellite. That's analyzing a business before a 100 X step change happens. And that's obviously incredibly short sighted and dumb to do if you are going to do something like that.
所以，重点是，我们正处于变革的关键阶段，即推动连接业务和太空领域的卫星发射业务的同时到来。到目前为止，这些还没有对业务产生任何贡献。而这样的变化即将在接下来的12个月内开始。在此之上，业务已经非常盈利，季度收入已经增长了33%。这种情况简直让人难以置信，几乎到了让人觉得荒谬的地步，以至于很多人不理解。对我来说，这确实是值得让人兴奋的事情。
▶ 英文原文 ⏱
So point being, we're right at the step change for both the satellites for the driving this connectivity business and space, which is launching the satellite business at the exact same time. None of that has contributed to the business at all today. And it's just about to start over this next 12 months. Onto a business that's already incredibly profitable, already growing at whatever revenue grew at 33% in a quarter. I just, it's like unfathomable. It's almost the degree of ridiculous that it almost starts to make sense like why people don't get it because it just is so ridiculous. So I don't know, it's worth being about excited, excited about that stuff to me.
然后，我们先不谈移动领域，这其实是我在这里特别强调的部分。或许不是，但那部分确实是我想突出的。不过，他们继续讨论了Starlink移动业务。Gwynn特别指出，这是我见过SpaceX在这个问题上最开放的一次。真是令人着迷。Gwynn特别提到，看看Verizon、AT&T和T-Mobile，他们三家的收入总共达到6000亿美元。而SpaceX，我相信他们对于能够提供比这些公司更好的服务充满信心，他们认为自己各方面的条件都已到位。
▶ 英文原文 ⏱
And then that's setting aside even talking about mobile, which is what I actually bolded here. Well, maybe not, but that part was what I bolded. But then they continued to talk about Starlink mobile. Gwynn specifically said, and this is the most open I've ever seen SpaceX be about this. It's fascinating. Gwynn specifically said, you look at Verizon, you look at AT&T, you look at T-Mobile, you look at what their revenue figures are, 600 billion dollars between those three. And you can offer. SpaceX, I believe, feels extremely confident that they have the things, the pieces in place to be able to offer a service that is better than those people.
如果我们将这个问题和下一个人提到的资本性支出问题联系起来，这个问题虽然不错，但我认为它来自于一个非常缺乏信息的角度。因为他基本上在说，那些拥有6000亿美元收入的公司需要花费1000亿美元来建设那部分资本支出。所以他在问，你们是想花1000亿美元在资本支出上，还是想收购这些业务？这个问题的角度是错误的，完全没有从根本原则出发去思考。
▶ 英文原文 ⏱
And if you loop that into the capex question that the next person asked, which was a good question, but coming from a place of very, it's like a, it's a good, very uninformed question, I would say, because he was basically saying like, oh, these other businesses that have the 600 billion dollars of revenue, like they needed to spend 100 billion dollars to build out that capital, that capex. So like, do you want to spend 100 billion dollars of capex? Or do you want to acquire them? And just the framing of that question is so wrong. It's so not first principles thinking.
然后你可以立刻看到，SpaceX 回答问题的方式是从基本原理出发，不是问“我们要不要花1000亿美元的资本支出？”而是问“我们如何能提供更好、价格更低的服务？”从这样的角度看问题，答案就很明确了。他们只是稍微解释了一下为什么认为能提供更好的服务，但并没有详谈成本问题。
▶ 英文原文 ⏱
And then you can immediately say, see SpaceX come back and answer from a first principles perspective, like the question is not, do we want to spend 100 billion dollars of capex? The question is, how can we offer a service that is better for less price? And when you look at it from that perspective, like the answers are very clear, and they just start to barely just give you a little bit of why they think they can offer that better service. And then they didn't even really talk too much about the cost.
他们所说的话强烈暗示，资本支出预算在某种程度上可能优于其他公司的方案。支出可以随着时间的推移，在收入产生的同时进行，这与其他公司之前的做法截然不同。实现这一切的关键，就在于我们刚刚谈到的，Starlink能够提供如此巨大的带宽和容量。
▶ 英文原文 ⏱
But what they did say dramatically, you know, heavily implies that like the capex budget for something that would be competitive would be potentially superior to what those other businesses offer. The spending for that can happen in a period that is over time as revenue is generated and just in a very different way than how those other businesses did it before. The unlock for all of that is what we just talked about with Starlink being able to deliver such massive amounts of bandwidth and capacity.
从我的角度来看，SpaceX 的意思是，与其使用手机信号塔作为基础设施来满足需求，他们可能会利用 Starlink 星链的带宽能力来提供服务。我可能没有完全理解所有的技术细节，因为我对蜂窝服务的提供方式不是很熟悉，但我觉得他们的意思是，他们可以通过星链的卫星基础设施来满足蜂窝需求和流量，不需要完全依赖现有的地面基础设施，而是利用一种不完全同于现在手机信号塔的地面基础设施。
▶ 英文原文 ⏱
Instead of using cell towers as the infrastructure to serve that demand, what SpaceX is saying from my point of view, I could be missing some of the technical details on this because I'm not super familiar with how cellular service is provided, but I think what they're saying is like because of the bandwidth capacity that we will have with the Starlink constellation, we can basically service that cellular demand and traffic with the combination of that satellite infrastructure and sort of like not not necessarily the existing ground infrastructure today, but ground infrastructure that is not one-to-one comparable to like a cellular tower that exists today.
所以，我希望这能讲得清楚一些。他们基本上是这样说的，我们在特斯拉财报电话会议上也谈到了这个问题，Elon 特别回答了一个有关在赛博卡车中安装 Starlink 接收器的问题。这些接收器是否可以被用作类似于蜂窝服务的分配接入点，我不太确定用什么术语来表达。他基本的意思是，这样做是有道理的。如果他们在赛博卡车上这么做，那没有理由只限制在赛博卡车上的 Starlink 接收器上。这可以适用于全世界每一个 Starlink 接收器，当然，要从某个节点开始引入这种技术。但这是一个非常有趣的概念，而人们对此往往不了解。
▶ 英文原文 ⏱
So I'm hoping that's making some sense, but the way that they basically said that, and we talked about this on the Tesla earnings call too, where Elon specifically, I think, answered a question about like putting Starlink receivers in cyber cabs and if those could be used as sort of like, I don't know the best terminology for this, but sort of like a distribution access point for a cell service thing. And he was basically like, yeah, like that makes sense. If they're going to do that with cyber cab, there, there's no reason to restrict that to just those Starlink receivers in cyber cab. That could be every single Starlink receiver that exists in the world, obviously from a certain point, once they start including that technology, but it's just a very interesting concept and something that people just don't understand.
有一种方法可以用极高的资本效率来实现这一点，甚至可能将其成本纳入这些东西的部署费用中。所以理论上，购买接收器的客户可能会以某种方式来补贴这部分费用。不过，我不确定其中的合法性和相关法规以及这是否会发生。也许有某些条例阻止客户或接收器这样做。但重点在于，关于建设并运营一大堆信号塔，答案可能不是非做不可。我们有不同的想法，出于许多不同的原因。基本上，就是这个意思。
▶ 英文原文 ⏱
There's a way to do that extremely capital efficiently and potentially even building it into like the cost of just deploying those things anyway. So you could potentially have like the customer that's actually buying a receiver start to subsidize that in a way. Now, I don't know the legality and regulations of all of that and if that would happen or not. Maybe there's something that prevents like a customer, uh, receiver from doing that. But point being, it's looking at cell towers and being like, you guys need to build and operate and own a bunch of cell towers. Like the answer to that is not necessarily. And we have different ideas for, you know, a lot of different reasons. It's basically what that boiled down to.
好的。简单来说，我认为连接性业务非常被低估。似乎大家都没有意识到这里即将发生的事情。他们说，Starlink将在互联网中占据重要地位，就流量和带宽等方面而言。而当你开始深入了解其中原因时，这就非常有道理了。好了，我有点兴奋了，让我看看我还想谈些什么。
▶ 英文原文 ⏱
All right. So long-winded way of saying that I think the connectivity business is extremely underappreciated. Like people just don't seem to be getting what's about to happen here. Um, you know, they said that Starlink is going to be a significant part of the internet in terms of just like the traffic and bandwidth and all of that. And when you start to like go through the reasons for that, it really starts to make a ton of sense. Okay. Getting fired up. Um, let's see what else did I want to talk about here?
所以我觉得收入目标非常有趣。我肯定会遗漏一些我想讨论的点。我总是很难回顾这些笔记，但收入目标确实很有趣。 我觉得埃隆基本上提到这个业务很有意思。我们中的许多人习惯于特斯拉的背景，在那里你卖的是汽车，而在特定季度或某个月的销售额取决于这个产品的需求。而这是一种非常不同的业务，有很多合同，并不是说你提供了一个具体的产品，而是提供了一项服务。这也是为什么服务型企业如此有价值的原因之一，因为你可以持续提供这种服务。
▶ 英文原文 ⏱
So I think the revenue targets were super interesting. I'm definitely going to miss some things that I want to talk about here. I'm always bad at going back through these notes, but the revenue targets are interesting. I think that Elon basically said like from this business is interesting. I think a lot of us are coming from the context of Tesla where you're selling vehicles and your sales in a particular quarter or a particular month depend on the demand to like sell that product. This is a very different business where there's a lot of contracts, right? You're not necessarily delivering a widget. You're delivering a service. It's one of the reasons why services businesses are so valuable is you just kind of continue to deliver that service, right?
所以埃隆的意思是，这一千亿美元的目标有点像我们目前的状态。他们可以看的数据包括他们目前提供的服务、这些服务相关的收入，以及他们未来已经签订合同但尚未开始实现收入的项目。我可能需要回过头去听一听Brett关于云服务协议的具体发言，但这些协议中的一些已经存在，只是还没有开始确认收入。我认为在我们现在关注的第二季度中，这种情况已经出现了，但我记不清具体的收入数字。
▶ 英文原文 ⏱
So what Elon is saying is like, oh, this a hundred billion, it's like kind of like already where we're at. What they can look at is a combination of the services that they currently have that they're servicing today, the revenue associated with those, and then sort of the contracts that they either have in place for these future periods. And it sounds like I have to go back to listen to what Brett said specifically on the cloud services agreements, but some of these exist already and just haven't started recognizing revenue. I think that's already the case in this second quarter where we're looking at, I can't remember the revenue figure off the top of my head.
让我快速检查一下，但我们在第二季度的收入接近80亿美元。这样算下来，年收入大概是320亿美元左右，但这包括了4月、5月和6月。而且，毫无疑问，6月的收入会比4月高很多。所以，我觉得，可能已经达到400亿的年化收入水平了。你看嘛，3月底的时候，季度收入大概是45亿美元，那如果年化，就是20多亿美元。
▶ 英文原文 ⏱
Let me just quickly check that, but we're looking at almost $8 billion in revenue in Q2. So already that's annualizing to whatever, 32-ish, but that includes, you know, April, May, and June. And certainly June revenue was going to be a lot higher than April. So you're already going to be, I don't know, 40. I wouldn't be surprised if June was already kind of at 40 in terms of revenue run rate. Um, which, you know, when you're looking at March, March end quarter, revenue was like four and a half billion. You could annualize that to a couple, you know, 20 something.
嗯，然后在这已经差不多过了三个月，你就已经在谈论一个收入运行率，大概是原来的两倍。所以我认为埃隆可以坐在那里说，看看我们现在的条件，还有这些在这段时间内没有完全反映出来的合同——更多的将在十月份上线。听起来如果你看看那些已经存在的东西，你可以很快把这些加起来，形成一个明显超过500亿的收入数字，而且很可能快速接近1000亿的收入运行率。当然，收入非常重要，但其次重要的显然是从这些收入中获得的盈利能力。
▶ 英文原文 ⏱
Um, and then already here, probably like three months later, you're already talking about a revenue run rate. That's probably roughly double that. So I think Elon can kind of sit there and say like, okay, with everything that we have in place with these contracts that aren't fully reflected in this time period, more coming online in October. It sounds like if you just kind of look at those things that already exist, you can start to quickly add those up into a revenue figure that's certainly above 50 billion and probably well on its way to that 100 billion, uh, revenue run rate. And then the important thing, obviously the revenue is extremely important too, but sort of second in terms of importance to that is then profitability on that revenue.
这就是SpaceX在连接性业务方面展示出的出色之处。我认为就在这个季度，我们会看到一些相关的数字，尤其是在AI业务中，随着这些云服务协议的上线，Brett特别提到，我们在资本支出上的回报周期不到一年，这真是令人难以置信。因为如果实际使用两年，那么基本上就能立刻获得大约50%的回报或者其他什么样的数学结果。我不会在脑子里算出资本回报率，但显然，这很不错。
▶ 英文原文 ⏱
And that is something that SpaceX has shown to be tremendous, particularly on connectivity business. And I think just in this quarter, which we'll try to look at some of these numbers here in a second, starting to see some of that now in the AI business, as these cloud service agreements come online, Brett mentioned specifically like, Hey, the payback period on this CapEx that we're deploying all of the spend that we have, which is massive is like less than a year, which is insane because then if you actually use that for two years, you're talking about immediately getting basically like a 50% payback on that or whatever the math is. I don't, I'm not going to calculate the ROIC in my head, but it's good. Right.
这基本上就是布雷特所说的内容。因此，在这一方面有很多令人兴奋的事，比如万亿美元的目标，这方面我们还有很多不清楚的地方。不过，有趣的是，我记得大概一两个月前，埃隆在X平台上发过一些与此相关的内容。令人感兴趣的是，他们认为有可能在2029年实现这个目标，他们的内部预测是2030年，这其实比原先预计的2031年提前了。
▶ 英文原文 ⏱
Which is basically the extent of what Brett was saying. So a lot to be excited about in terms of that, uh, the trillion dollar target, uh, we, we know less about that. Um, but it is interesting that, that I think, I think Elon had posted something about that on X, I don't know, maybe two months ago, a month ago. Um, so interesting to see that they reasonably view a path to hitting that as maybe even in 2029, they're sort of internal forecasting as that at 2030, which is actually an up pulled forward from, uh, you know, 2031.
再说一次，如果SpaceX能够保持一定程度的毛利率，比如和他们现在持平的话，那么假设是40%。当然，这都是很多年以后的事，其中可能会发生许多变化等等。但仅仅从假设的数字来看，如果收入达到一万亿美元，毛利率是40%，那就会产生4000亿美元的毛利润。我不知道运营这样规模的公司需要多少运营费用，但我想规模经济一定会非常显著。
▶ 英文原文 ⏱
And again, if SpaceX can maintain any degree of gross profitability, like comparable to where they're at today on that, it's, I mean, let's just say you're at 40%, right? And this is many years in the future. There's a lot that could happen. Things change, et cetera, et cetera. But just to hypothetically go through some numbers, if you're at a trillion dollars in revenue and you're at a 40% gross margin, you're generating $400 billion in gross profit. I mean, I don't know what kind of operating expenses you have on a business to that scale, but I'm thinking there's going to be a lot of economies of scale on that.
所以，大量的毛利润应该会转化为运营利润、运营收入和净收入。我不会去猜测这些数字可能是多少，但你可以看看在一个可比较的收入业务中，毛利润占多大比例。我认为没有一个完全可比的毛利润业务。好了，我不想进入一个没有可靠依据的数字讨论中，所以打住。重点是，这里可能存在潜力，比如净收入可能达到一千亿以上，甚至可能大得多，或者至少是类似于EBITDA的水平。
▶ 英文原文 ⏱
So a lot of that gross profit should be dropping down to operating margin, uh, operating income and net income. I won't guess what those numbers could be, but you could probably just look at, you know, what percent of gross profit in a comparable revenue business or comparable. I don't think there's a comparable gross profit business. All right. I'm going to shut that mind loop down because I don't want to get into a situation where I'm saying some numbers that are, that are maybe not well-based, but point being there would be, you know, potential there for, I don't know, a hundred billion plus, maybe significantly plus in terms of like net income or at least like EBITDA.
嗯，然后，你知道的，再在这个基础上应用一些倍数进行计算。所以这很让人兴奋。嗯，我只是觉得人们对这家公司真的了解得很少，说实话。不过这可以理解，因为它长期以来都是私人公司。我们现在才开始获取关于它的信息。人们需要时间来吸收这些信息，比如验证信息、进行自己的分析，并得出可能其他人在几年前就已经得出的结论。这就是市场的一部分。
▶ 英文原文 ⏱
Um, and then, you know, apply whatever multiple on top of that. So it's exciting. Um, I just think people like have such a poor understanding of this company, honestly. Um, but it makes sense. It's been private for a long time. We're just starting to get information on it now. It's going to take time for people to absorb that information to sort of like verify the information, to do their own analysis, to come to the conclusions that maybe other people came to a couple of years ago. It just, that's, that's part of the market.
这有时候也是市场中个体投资者或任何投资者能够获得的优势之一，就是那种对信息理解的滞后。好的，我现在要浏览一下。我确信这里面还有其他几个要点值得我强调，然后我们可能会花一些时间在Excel上。这可能需要一点时间，不会特别有趣，但让我们先把这个部分搞定，然后再进行其他部分。
▶ 英文原文 ⏱
And that's sometimes part of the advantages, uh, that individual investors or any investor can gain in the market is sort of that, that lag in understanding. Um, okay. I'm just going to scroll through. I'm sure there's a couple other points in here that I want to highlight and then maybe we'll spend some time on the Excel. It's going to take definitely a minute, um, not be super exciting, but let's get through this first and then we can go there.
嗯，听起来他们的一切都在按计划进行，准备在下次飞行中捕捉到飞船。听说这可能会在八月底进行。因此，即使出现一些延迟，我们也只需要再等几周，就有机会成功捕获飞船。这对他们来说很重要，因为可以获取热防护罩的数据，以及飞船其他各方面的数据。如果他们能成功回收那艘飞船，也许还会再次使用。
▶ 英文原文 ⏱
Um, sounds like they're, everything's tracking to catch ship next flight. And it sounds like that's going to be at the end of August, potentially. So even if that slips a little bit, you know, we're just a handful of weeks out from potential ship catch, that'll be valuable for them to get heat shield data. Um, just a variety of other data on the ship too, if they can actually successfully recover that ship and who knows, maybe they would use that again.
嗯，尝试第二次飞行这艘飞船，然后，你知道，如果他们能够重复使用，不知道他们会不会再尝试着陆。不过，他们肯定会收集更多的数据。我觉得我们现在非常接近于实现一个快速可靠的重复使用未来，SpaceX为了这个目标已经努力了大约两个半十年了，现在就好比是跑到了终点线的一英寸、一码、甚至半英寸的距离，真的是非常非常接近了。
▶ 英文原文 ⏱
Um, try to fly ship a second time and then, you know, if they're, I don't know if they would attempt to land that again. Um, but certainly collect some more data if they're able to, to reuse that. We're like extremely close to, I think having this future of rapid reliable reuse that SpaceX has been working to for basically like two and a half decades, it's, it's like at the one inch line now, you know, one yard line, one inch line, whatever, super, super close.
特别是现在埃隆表示他们觉得隔热罩已经取得了成功。当然，他们会随着时间不断改进和完善这个技术。但我觉得，仅仅是他这么乐观地谈论这个话题就非常让人兴奋，因为在过去，这一直是一个不太被乐观评价的领域。所以我很期待下一次发射。他们似乎提过几次，这将是开始交付能够真正改变连接业务的V3卫星的发射。是的，目前每次发射可以将2500公吨的东西送入轨道，而目标是达到一百万公吨。你可以计算一下，这个增幅有多大。
▶ 英文原文 ⏱
And especially with Elon now saying that they feel like the heat shield has been successful, you know, again, they'll continue to improve on that, iterate on that over time. But I think just the fact that that is, that he is feeling that he is speaking to it so optimistically when in the past that has been something that has not been, you know, spoken about as optimistically, I think that's just extremely exciting. So looking forward to the next launch, it's, and I think, I think they said a couple of times that that will be the launch that will start delivering these V3 satellites that can really sort of unlock this step change with the connectivity business as well. Yeah, I mean, 2500 metric tons to orbit right now versus a million targeting. you can do the math on how big of a multiple that is.
在Grok的进展中取得的成就。根据我所了解到的信息，Grok 4.5似乎是XAI迄今为止评价最好的模型，主要体现在它的可行性和竞争力方面。虽然它不一定是智能领域的最前沿模型，但在单位成本的智能方面来看，似乎处于前沿。我认为在很多情况下，Grok 4.5可以说是这里的领先者。当然，这也取决于你执行哪种类型的任务，但这一切让人感到非常振奋，尤其是考虑到SpaceX对一些数据集成的补充，预计这将非常有价值。
▶ 英文原文 ⏱
Capit progress with Grok. Just from what I read, I mean, Grok 4.5 seems to be probably the best received model that XAI has ever produced in terms of just its, it's sort of like viability and competitiveness. It's not necessarily like the frontier model of intelligence, but it seems to be on the frontier in terms of intelligence per cost per, you know, cost per unit of intelligence. I think there's a lot of situations where arguably Grok 4.5 is, is the leader there. And it, you know, depends on sort of what type of tasks you're doing, obviously, but it's really exciting to see, especially if the cursor acquisition, if some of the integration of additional data that SpaceX feels is going to be valuable.
如果有些事情能够继续推动进一步的改进，那么如果Grok或Cursor能够利用这些改进来增加市场份额，那么我认为这里会形成一个良性循环。因此，现阶段用户基础及从中获取的数据非常重要，以便将来优化模型。这有点类似于全自动驾驶（FSD），对吧？如果没有汽车，要建立FSD会非常困难，因为汽车是收集数据的主体。同样，如果没有客户来学习和收集数据，打造世界领先的AI代理模型也会非常困难。
▶ 英文原文 ⏱
If some of those things can, you know, continue to drive further improvements. And then if Grok slash cursor continues to, or I guess leverages that to gain market share, then there is, I think there is a flywheel here. And that's why this time period is very important of sort of user base and the data that you're able to get from that user base to then refine the models in the future. It's kind of similar to FSD, right? Like it would be very difficult to build FSD if you don't have any cars. Because the cars are what's collecting the data, it'd be very difficult to build like the world leading AI agent model, whatever, if you don't have customers out there to be able to learn from and to build and collect data and all that sort of stuff.
所以这很重要。我认为用户获取可能在很大程度上是考虑到这一点进行的。看到这些方面有进展是件好事。嗯，很高兴看到每用户平均收入保持稳定。此前这一数据确实从2025年的平均成本有所下降，我需要再次核实，以免出错，但我记得是81美元。也就是说，2025年全年每用户平均收入是81美元，这只是那一年的平均数据。而在第一季度，这一数字仅为66美元。Brett提到过几次，这一下降主要与地理扩张有关。
▶ 英文原文 ⏱
So it's important. I think the cursor acquisition is probably done in large part with that in mind. And it's nice to see some progress behind those things. Um, it was really nice to see average revenue per user be stable. That did drop pretty significantly from the sort of like 2025 average cost, which let me double check. So I don't get it wrong, but I think it was 81. Yeah. So $81 average revenue per user throughout the entirety of 2025, just sort of on like a, an average basis that year. Q1 was only 66. So Brett has mentioned a couple of times that the reason for that dropping is, has a lot to do with like geographical expansion.
他说得很明确，稍后在电话会议中会有更多相关信息。埃隆基本上表示，如果我们将成本降低十倍，而用户的平均收入为大约六到七美元，理论上，如果将提供该服务的成本降低一百倍，毛利率其实可能还会有所提高。当然，要增加收入，就必须在10倍降价的情况下，将收入增长100倍。但关键是，似乎有一条路径可以让SpaceX以其他公司无法企及的低成本和规模来提供这项服务。
▶ 英文原文 ⏱
He said specifically that that more of that would be expected later on in the call though, Elon basically said like, Hey, even if we're dropping that by 10 times and your average revenue per unit's like per user is like six bucks, seven bucks in theory, if you're dropping your costs to provide that service by a hundred times, you could still actually maybe even improve your gross margin percentage. Um, obviously to get your revenue, you'd have to grow revenue a hundred times if you're dropping at 10 X, but, uh, the price 10 X, but point being, it seems like there's a path here for SpaceX to offer this, you know, at a cost level that no one else could ever possibly offer at a scale that no one else could possibly offer.
当你开始查看那些数字时，真的会让人感到震撼。我想这也是埃隆所强调的一点。我们之前已经详细讨论过这个问题，我就不再重复了，但理解这一点很重要。无论如何，即便平均每用户的收入保持稳定的情况下，仍然有很大空间可以下降，同时依然能够保持极高的盈利能力，这也是我想表达的重点。
▶ 英文原文 ⏱
It's just, it's kind of mind blowing when you start to look at those, those numbers. So I think that was Elon's point. That's the point that we discussed at length earlier. I won't rehash it again, but it's just important to understand that. So anyway, it's also nice to see the average revenue per user staying stable, even though there is a lot of room for that to continue to decline and still be an extremely profitable business, uh, is kind of the point there.
好的，让我们来看看许多关于企业和政府的信息。他们似乎对这些领域非常看好。有趣的是，航空业目前的市场渗透率只有大约10%。因为您看到很多公告，但实际上并没有在很多飞机上整合。最近我刚开始乘坐有 Starlink 的美联航航班，体验非常棒，速度可以达到每秒300兆比特，延迟大约30到40毫秒。
▶ 英文原文 ⏱
All right, let's see a lot of stuff on enterprise and government. It seems like they're very bullish on those things. Interesting to see that aviation was only about 10% market penetration right now. Um, cause you see a lot of announcements, but it's not actually like integrated in a lot of planes yet. Like I've just now started to get flights, United flights that have Starlink and it's been awesome. It'll get like 300 megabits per second ping of like 30 milliseconds, maybe 40.
嗯，挺不错的。嗯，连接收入再次大幅增长，这很棒。关于资本支出，听到一些评论挺有趣的。我试图关注市场收盘后的动向，但不太确定新闻评论对市场有多大影响。大意是说今年接下来的季度的资本支出应该和这个季度差不多。我猜可以认为每季度是200亿美元。我之所以觉得这一点有趣，是因为从第一季度到第二季度的资本支出跳升得非常明显，如果没有这些评论，人们可能会继续假设这种趋势会一直持续下去，而不是像现在这样保持在这个较高的水平。如果每季度增加80亿美元，那和保持在目前的高水平是不一样的。
▶ 英文原文 ⏱
Um, it's pretty great. So, uh, connectivity revenue again, growing massively sequentially, which is awesome. CapEx. So it was interesting to hear the comments on CapEx. Um, I think, I don't know. I was trying to watch like market after close, you know, movement. I'm not sure it moved too much with the press comments, but basically saying like future quarters for this year should be similar CapEx to this quarter. So I don't know, maybe we just call that 20 billion a quarter. I only say that because I only say that this is interesting because it jumped so dramatically from Q1 to Q2 that people without that comment may have continued to assume that that would, you know, that trend would continue versus just like, this is the level of spend that will continue. If you're increasing it by $8 billion a quarter, that's a lot different than, you know, keeping it maintained at this higher level.
我想市场可能会对此感兴趣，但由于这里的分析历史有限，很难确定。好吧，我会快速浏览一下，因为我肯定还有一些其他事情想要评论，只是目前记不清了。我认为关于计算方面的观点是，他们预期这种情况仍将受到限制。有趣的是，他们现在完全选择了英伟达。显然，他们这么做的理由不仅仅是产品的质量，这本身就很有吸引力，而且看起来他们确实与英伟达进行了大量对话，以确保获得一定比例的供应。
▶ 英文原文 ⏱
So I would think that the market would like that, but sort of tough to know without, you know, sort of limited analyst history here. Okay. I'm just going to quickly read through this because I'm sure there's probably some other things that I want to comment on that I'm just not remembering at the moment. I think the point on compute is that they expect things to continue to be constrained. Interesting to see that they're exclusively going with Nvidia right now. Obviously there's a reason that they would do that other than just the quality of the product. Which is obviously compelling on its own, but it certainly looks like there's been a lot of conversations with Nvidia to sort of secure some certain percentage of their supply.
SpaceX今天刚刚发布消息称，正在与Nvidia合作，将StarMind应用于Rubens系统中。有趣的是，SpaceX认为这种系统比现有的数据中心机架系统更好。因此，将SpaceX的一小部分工程人才投入到这个问题上的话，可能会看到一些潜在的结果。他们可能会发现一些最初认为是好主意的事情，然后去尝试，随后认识到可能那并不是正确的路径。这样的事情是有可能发生的。
▶ 英文原文 ⏱
SpaceX today even just posted about working with Nvidia for StarMind for Rubens to be deployed in that system. Interesting that SpaceX feels like that system is a better rack system than what exists for data centers right now. So some of that, like applying a small sliver of SpaceX's engineering talent towards this problem is probably one of the potential outcomes from that. They're going to find things that maybe they think are good ideas initially, and then they try them out and they kind of realize like, oh, you know, maybe that wasn't the path. Like there will be things like that that happen.
但我认为，每当你从新的角度看待一个问题时，常常能够带来新的发现。这就像 Tesla Daily 这个项目是如何出现的一样。当你以新的视角看问题时，不时会发现新颖的解决方案，不同的思考方式，从而推动进步。我认为这就是 Yolanda 所说的概念：让一些非常聪明的人去研究一个问题，尤其是那些可能有不同背景的人，因为他们可能没有接触过现有行业中的一些人为限制和约束。
▶ 英文原文 ⏱
But I think through any time you kind of put new eyes on a problem. I mean, you could argue that that's sort of like how Tesla daily even became a thing, right? When you put a new perspective, new eyes on a problem. There's, you know, it's not infrequent that you'll find novel solutions, different ways of thinking about things that drive improvement. And I think that's the concept that Yolanda is talking about here is just put some really smart people to work on a problem, especially people that maybe have a different background that don't necessarily haven't encountered some of the reasons that may be like artificial and for constraints in the existing industry.
这可能会带来非常强劲的结果。所以我想这就是SpaceX所表达的部分意思。嗯，好吧。我想这基本上就是全部内容了。我现在要快速查看一下聊天记录，看看大家的评论。非常感谢大家的超级留言。嗯，可能我没办法把聊天放在屏幕上，但有人留言说超级留言，DC Dale开玩笑地说是SpaceX每日新闻，哈哈。开玩笑的，除非我没有足够的带宽。遗憾的是，我的带宽没有增长一百倍。
▶ 英文原文 ⏱
It can yield some pretty, pretty strong results. So I think that's, you know, part of what SpaceX is saying there. Um, okay. All right. I think that's, I think that's most of it. I'm going to take a quick look at the chat just to see what kind of comments we have here. Um, super appreciate the super chats. Um, all right, maybe I can't put the chat on the screen here, but someone commented super chat, um, DC Dale saying SpaceX daily, LOL. Just kidding. Unless I do not have the bandwidth. Unfortunately, my bandwidth is not increasing a hundred times.
嗯，它已经修复了，也许因为人工智能略微上升，但不是上升一百倍。所以没有能力每天发布特斯拉或SpaceX的新闻，不过我期待能够通过收益电话会议与这些话题有所接触。嗯，来自Tesla Pilot的超级聊天中说，电话会议上的数字听起来不错，但盘后交易时股价下跌。市场不喜欢什么呢？所以，即使你单独看今天，像SpaceX今天的表现，我认为仍在上涨，或者至少持平。我觉得我们开盘价和现在的股价差不多。
▶ 英文原文 ⏱
Um, it is fixed, maybe slightly increasing with AI, but, uh, not a hundred times. So no capacity for Tesla daily or SpaceX daily, but I am looking forward to having these couple of touch points now with the earnings calls. Um, uh, super chat from Tesla pilot. The numbers on the call sounded good, but it's trading lower after hours. What isn't the market liking? So, I mean, even if you look at just today in isolation, like SpaceX is still, I think up for the day or at least like flattish, I think we opened it. I don't know, basically right around the share price now. Right.
显然，如果你是SpaceX的股东，你会希望当天的收益能够保持在那里。不过，如果昨天晚上你就寝，今天一整天醒来发现股价还是持平的，你可能会觉得，哦，还不错。收益报告发布后，市场反应似乎还算不错。当然，市场整体上涨，所以你可能会错过一些高贝塔股票通常带来的市场增值。但我认为就算是这样，基于我今天早些时候提到的市场动态，比如锁定期解除等情况，没有人会因此太失望。
▶ 英文原文 ⏱
So obviously if you're a SpaceX shareholder, you would prefer that, that, uh, gain that we had during the day would hold. Um, but you know, if you woke, if you went to bed yesterday and woke up today throughout the entire day and it's just flat, it's kind of like, Oh, cool. Like earnings came out must've been like decently well received. Um, obviously the markets are up to, so you'd miss out on some of the market appreciation that you'd normally see from a high beta stock. But I don't think anyone would be, you know, too disappointed with, with that, especially just kind of given the market dynamics that I talked about before, um, earlier today with sort of like the lockup releases and things like that happening.
嗯，我的意思是，你可以看到自从上市以来的趋势。我认为这种趋势很大程度上与某种程度上的市场定位有关，无论是做空还是其他操作，这些都在封锁政策之前进行。我不确定接下来会怎么样，但这种看法的变化、流通股的变化等等，都会随着解禁期的到来而改变。在某个时刻，你会达到一个转折点，那时这不再是负面的影响，而是变成了正面影响，因为所有那些潜在的额外流动性进入了市场，就是这样，对吧？再也不会有更多出来了。所以，在某个时候，你也会想提前行动。什么时候会发生这种情况，谁也不知道？我想你可以说可能是今天早些时候发生的，有这个可能，但我们走着瞧。我不认为有人真正能够确定。
▶ 英文原文 ⏱
Um, I mean, you can see the trend since IPO. And I think a lot of that trend is basically just kind of like positioning, whether it's shorting or whatever else, uh, sort of ahead of these locker polices. And then I don't know, we'll see what happens, but the dynamics of like that perception and what's happening with the float and all of that stuff that will change as lockups start coming out. And at a certain point you hit that inflection point where it's no longer a negative, but instead is a positive because all of that, you know, potential additional liquidity is, is in the market. And that's it, right? Like there's no more coming. Um, so at a certain point, you kind of want to front run that too. So it's just when that will be, who knows? I mean, I think you could argue that maybe it was earlier today. It's, it's possible, but, um, we'll see. I don't think anyone truly knows.
好的。我们要开始用Excel了吗？嗯，我不知道我是否已经完整地表达了我的想法，关于为什么它的表现不如预期，不过我认为这部分是因为，没有人真正知道在这次事件中会发生什么。我也不觉得人们真的知道事情结束后会有什么结果。我认为任何时候有这样的不确定性时，对股票来说并不是好事。至于我对这次报告中的数据和电话会议上讨论内容的看法，我觉得还是很积极的。我对所有这些事情感到很兴奋，我不会重复刚才的长篇大论，但我觉得有很多关于这家公司的事情需要被理解，目前尚未清楚，而这需要时间。至于需要多长时间，还不确定。
▶ 英文原文 ⏱
All right. Should we hop into Excel? Um, I don't know if I really gave my thoughts on why it's lower, but yeah, I think that's part of it is just, you know, no one, no one really, I don't think no one really knew what to expect coming into this. And I don't think anyone really knows what to expect coming out of this. And I think anytime you have that sort of uncertainty, it's like not necessarily a positive for the stock. My perception of what was reported in terms of the numbers in terms of what was discussed on the call, I think is very positive. Um, I'm excited about all of that stuff and yeah, I mean, I won't do my same rant again, but I think that it's just, there's a lot of things that need to be understood about this company that are not, and that's going to just take some time. Um, how long TBD.
好的，我们来切换到Excel。我今天才发现电话会议比预计的要早一点，所以我试图以一种合理的方式安排这个。我能做到最好的是在这个小屏幕上操作，看起来这个也有点问题。所以请稍微耐心一点，我会尽力提供一些信息。所以不仅要填写数字，还要处理格式的问题。让我们看看这样有没有帮助。非常接近了。
▶ 英文原文 ⏱
All right, let's, let's flip to Excel. Um, it's, I don't have, I didn't actually realize until today that the call was actually a little bit earlier. So I was trying to set this up for a way that makes sense, but the best I have is going to be a little small screen here. Um, and it looks like even that's gotten a little bit messed up. So bear with me a little bit on this. I'll do my best to try to get some information here. So not only do we have the boringness of filling out numbers, now we have the boringness of formatting the thing that we're going to fill the numbers into. Let's just see if that helps. Very close.
好的，让我们看看。嗯，再次对大家表示歉意。我知道这个显示会有点小。我本来希望提前设置好，以便可以回到正常的Excel视图，但我就不说技术细节了。下次我会确保做得更好。呃，不过，现在要录入这些东西可能会花很长时间，虽然我没有其他事情要做，但如果你们想待下来看看我做这个，尽管来吧。如果你们现在离开，我也不会介意的。
▶ 英文原文 ⏱
Okay. Let's see. All right. Again, apologize. I know that's going to be a little bit small. I wish I had set up this at a time to be able to just go back to my normal Excel view, but, uh, I won't bore you with the technical details, but we'll make sure it's better next time. Um, for now though, it's going to take forever to enter this stuff, but not that I don't have anything else going on, but if you guys want to hang around and watch me do this, certainly feel free. I will not be offended if you leave right now though.
嗯，好吧。我注意到，我们需要回到财务结果这部分。我会开始输入一些相关数据。我知道送入轨道的总质量是1041，这是到目前为止的年度累计数据。因此，我们需要做些减法。据我来看，这个数据在第二季度确实下降了一些。在第一季度，他们做了556，而在第二季度，他们做了485。这有点奇怪，因为第二季度的收入比第一季度增加了，所以我不太确定这是什么情况。哦，其实这样看可能不太对，因为收入，或者说大部分送入轨道的质量，其实是SpaceX内部为Starlink服务的。所以，这样想的话，还是有些道理的。
▶ 英文原文 ⏱
Um, okay. So I noticed let's, I just need to get back to the financial results here. I'll start entering some of this stuff. So I know mass to orbit was 1041. That's year to date though. So we're going to have to subtract. I think it actually dropped a little bit in Q2 I mean, that's my read on that is that in Q1, they did 556 and Q2, they did 485. It's kind of weird because revenue increased in the second quarter from the first quarter. So not sure what's going on with that. Oh, well, actually that's a silly way to look at it because revenue, uh, or rather most of the mass to orbit is, you know, for SpaceX internally for Starlink. So, um, I guess that does actually kind of make some sense.
Starlink 用户数量显然是 12。所以这个数字在 66 时保持稳定，这在季度间很不错。接下来，铭牌计算是 1.4。我们会在这里补上额外的数字。好的，空间收入。向下滚动，这里是 962。我会尽量同时填上去年（LY）的信息，这样速度可能会更快。然后我们就可以同时看到同比对比数据。这是 2588 对比 4291。
▶ 英文原文 ⏱
Starlink subscribers, obviously that was 12. So this was stable at 66, which is nice to see quarter over quarter. And then nameplate compute was the 1.4. We'll get our extra digit in there. All right. Space revenue. Scroll down here was 962. I'll try to fill in the LY information, the last year information too, simultaneously. So it's probably gonna be faster. And then we can see the year-over-year comparisons at the same time. This was 2588 versus 4291.
去年在人工智能领域的指标是2561，而737是去年的数据。从表格中可以看到，与去年第二季度相比，空间收入增长了29%，连接性增长了66%，人工智能增长了247%。我们之前讨论过这些方面。我不确定我们是否会有每个业务线的成本数据，希望有这些数据以便计算毛利润。我现在的表格是根据S1文件披露的信息设置的，但季度收益报告可能会有不同的结构。抱歉，表格有点小。
▶ 英文原文 ⏱
And then for AI, we're at 2561 last year, 737. So there you can see, again, I know it's a little bit small and I apologize for that, but 29% increase in space revenue from Q2 last year, which is this column. 66% in connectivity, 247% in AI. We talked about those things. I don't know if we'll have the cost for each business line. I'm hoping we do so we can get the gross profit. This is how I have the sheet set up is how it was disclosed in the S1, but obviously the quarterly earnings can be structured differently.
这就是我们需要随着时间去弄清楚的事情之一。我相信他们会提交他们的文件，应该是10Q，如果今天我们没看到这些信息的话，通过这个文件我们应该能得到。如果没有，我会试着找找看。不过，这里可能没有这些信息，这会很遗憾，因为这是我非常想知道的——各个业务线的毛利率。我知道你看不到我的浏览器，但是基本上他们的设置方式是：按业务线的收入、营业收入，然后是调整后的息税折旧摊销前利润（EBITDA）和资本支出（CAPEX）。我想总数是这样的……哦，找到了。好了，我找到了。我们的太空业务收入成本是3.29亿美元。你可以看到收入增加了3亿美元，成本增加了4千万到5千万，这会推动毛利率上升。上个季度大约是55%，这个季度在太空业务方面是66%左右，但显然这是三大业务中较小的一个。
▶ 英文原文 ⏱
And that's one of the things we'll just have to figure out over time. I believe they'll file their, what would it be, 10Q, which would give this information if we don't have it today. But I'll see if I can track it down. Yeah, it may not, it may not be in here, which is gonna be unfortunate because that's one of the things I really want to know. It's a gross margin for these business lines. I know you're not looking at my browser, but basically how they have it set up is revenue, income from operations by business line, and then segment-adjusted EBITDA and CAPEX by business line. And then I think they have a total, Oh, here we go. All right. I do have it. So our cost of revenue in space was 329 million. So you can see revenue increasing, you know, 300 million, cost increasing 40 million, 50 million, which is going to drive, you know, gross margin percent up. So last quarter was 55% roughly, this quarter about 66% in the space business, but obviously that's the smaller of the three.
如果我们进入连接业务，收入成本为2060。因此，比上个季度增加了大约4亿美元，但显然收入增加了超过10亿美元，这表明业务的毛利率有所改善，因为这部分新增收入带来的利润更高，这与每用户平均收入保持稳定是符合逻辑的。这就是我所说的毛利率从49%提高到52%的惊人表现，这种业务为你提供了巨大的盈利能力或大幅降价的空间。比如，如果你只看连接业务，并且决定将价格降低50%到40美元或33美元，你技术上仍然可以达到毛利平衡。然而，你不希望一个业务仅仅在毛利平衡点运营。
▶ 英文原文 ⏱
If we go into the connectivity business, cost of revenue there was 2060. So increased by 400 million or so from last quarter, but obviously the revenue increasing by over a billion dollars starts to show, you know, improved gross margin on the business, um, as that incremental revenue is happening at better profitability, which makes sense with the average revenue per user staying stable. So increasing from 49% to 52%, these are the crazy gross margins that I'm talking about, um, um, on this business, which offers you great profitability or a lot of room to drop your prices. Um, to be, you know, like if, if you just took the connectivity business and you said, Hey, we're going to drop prices 50% to, you know, 40 or $33, you would technically still be at like gross profit break. Even you would not want to operate a business at gross profit even.
这只是一个简单的例子，但即使有30%的下降，你仍然可以维持大约25%的毛利率。这对于处于增长阶段的业务来说，仍然是非常健康的潜在业务。当然，这还不包括星舰计划和V3版本的情况。因此，考虑到这些因素，AI业务的成本为11.06，毛利率达到了57%。我认为很多人可能对此有所遗漏或误解。
▶ 英文原文 ⏱
So that was just, you know, for the sake of simple example, but if you dropped at 30%, you're still at a, you know, maybe a 25% or so, uh, gross margin on that business, which is something that still would be a very healthy, uh, potential business, especially in the midst of the growth phase. Um, AI. And then again, that's all before a starship and all before V3, right? So factor that into, uh, AI costs were 11.06 so 57% gross margin on the AI business, which I think a lot of people are maybe missing or misunderstanding.
他们在那个业务上的收入很可观。然而，他们在研发和销售管理上的投入很大，尤其是在研发方面。咱们来看一下这个数字，我这边可以查到，呃，是2178。之前我们谈论过这个，但我没有按照那种方式整合数据。嗯，人工智能业务的研发成本是22亿美元，显然这已经超过了利润本身。如果你把这个业务扩大10倍或者更多，那这个状况就会有很大变化。
▶ 英文原文 ⏱
Like the revenue that they're generating on that business is very profitable. They're just spending a lot in R and D in SG and not even so much in SG and a, but particularly in R and D we'll look at what that figure is. Like probably pull that here while I'm on this page, uh, 2178. So we talked about that earlier, but well, I don't have the sheet set up that way, but, uh, $2.2 billion in, in, um, research and development costs in the AI business, which is obviously more than even just the profit is on its own. If you grow that business 10 X or whatever, then obviously that sort of equation starts to change very dramatically.
嗯，好吧。我觉得我们已经涵盖了所有这些。现在我们就快速抓取去年剩下的一些信息，我本来应该在刚才就做的。人工智能领域是551，太空领域是330，连接性是1401。总的来说，你可以看到去年第二季度的毛利率是44%，这个数值略低于全年的毛利率，但实际上高于2024年。因此，你可以看到毛利率在这些年里是平稳提高的，从41%到43%，再到49%。
▶ 英文原文 ⏱
Um, okay. So I think we've got all that. Let's just quickly grab those last year pieces of information, which I should have done it as I was going through, but for AI, that was 551. For space that was 330. Connectivity is 1401. So all, and you can see Q2 last year was at 44% gross margin, which was a little bit below total year gross margin, but was actually higher than 2024. So you can kind of see the smooth progression actually in gross margin increases over the years. 41 to 43 to 49.
今年年中，这个数字是43，去年上升到44，然后显然继续增长。嗯，现在在第一季度，你会继续看到这个上升趋势。而在第二季度，这个上升趋势也在持续，对吧？因此，随着这些收入数字的增长，这些业务的盈利能力也在提高。不仅是毛利润，毛利润显然大幅上升。我的意思是，特斯拉这个季度的毛利润就已经超过了他们在2023年全年的毛利润。
▶ 英文原文 ⏱
This 43 in the middle of the year, last year went up to 44 and then obviously continued to grow. Um, and then now in the first quarter, you're continuing to see that upward trend. And now in the second quarter, continuing to see that upper trend, right? So as these revenue figures have grown, the profitability on those businesses have grown too, not just in terms of gross profit, which is obviously up massively. I mean, Tesla did more gross profit this quarter than they did in 2023.
嗯，这显然是非常令人印象深刻的，因为虽然毛利额在增长，但毛利率的百分比也在提高。所以从财务结果来看，有很多非常好的健康迹象。你可以看到，与去年相比，毛利率上涨了超过11个百分点。不过，这里有些地方变得有点复杂了。他们花费了很多钱，比如在研发上的投入，我想我们这里有总数。
▶ 英文原文 ⏱
Um, which is obviously insanely impressive as that gross profit number is becoming larger, though, the gross profit margin percentage is increasing as well. So a lot of, a lot of really great, healthy signs, um, within the financial results here, yeah, you can see, I mean, from last year up over 11 percentage points on the gross margin line. Now here's where things get a little trickier, right? They're spending a lot of money. Um, so if we look at R and D spends, I think we have the total here.
让我找一下正确的页面。好的，合并后的收入成本是34.95，这应该和我这边的数据一致。是的，没错。研发费用是35.48。这其实很有趣。我会先写下去年的数字，然后再继续。去年的数字是22.82。所以有趣的地方在这里，哦，我们先确认一下我没有记错数字，因为这些数字恰好相似。是的，我搞错了，那我更正一下。对，这真的很有趣。这种情况不太常见。SpaceX在这个季度的研发支出实际上略高于他们提供服务的总成本，也就是说超过了他们发射火箭、发射卫星、制造卫星的成本。这些都是不计入资本支出的，但包括了所有那些东西的摊销。结合所有部门的数据，这些成本总和低于SpaceX这个季度用在研发上的开支。
▶ 英文原文 ⏱
Let me just find the right page. All right. Consolidated cost of revenue was 34.95, which should match what I've got. Yep. Okay. Research and development was 35.48. So this is actually fascinating. Um, I'll put the LY number and then finish my thought. So that was 22.82. So the interesting thing here, oh, well, let's make sure I didn't get the wrong number because those just happened to match. I did. Correction on that one. Yeah. So this is fascinating. So this is, I don't know, this is pretty uncommon thing to see. Um, the R and D spend that SpaceX had in this quarter actually was slightly higher than the total cost of their services to deliver those services, meaning the cost of launching their rockets, of putting the satellites in space, of building those satellites, anything that's sort of like separate from the CapEx expenditure, but all the amortization of that stuff, um, all of that combined for all the segments, it was, was less than what, like, the cost of that stuff was less than the cost of just the research and development from SpaceX this quarter.
意思是，他们把当前的情况视为全速前进的机会，投入研究和开发，建设基础设施，进行资本支出。SpaceX认为现在是一个绝佳时机，可以从中获得丰厚回报，因此他们正在大量投入资金。如果他们能在一年或更短的时间内收回全部投资，那毫无疑问是正确的决策。如果这一结果能够实现并持续下去，那就太激动人心了。你可以理解为什么这家公司充满激情，为什么他们重视上市并筹集大量资金，因为他们相信可以从中获得巨大的资本回报。这一切都相当令人振奋。
▶ 英文原文 ⏱
Point being, like, they view this as a sort of pedal to the metal situation to, uh, do this research, do this development, build this infrastructure, spend this capital expenditures. Like it's, it's a moment in time right now that SpaceX feels is tremendous for them to be able to get a great return on these dollars. And that's why they're spending so, so heavily. And, and obviously, if you can get your entire capital back in a year payback period or less than a year payback period, that is unquestionably the right decision if that comes to fruition and continues to happen. So it's, it's exciting. You can tell why the company is excited. You can tell why, you know, why they valued going public, raising all of that capital because they think they can get such an amazing return on, you know, large amounts of capital, which is really great to see.
所以，这真的非常有趣。希望你们也感兴趣。我们大家都在一起学习这些东西。好的，SG&A （销售、一般与行政费用）达到了9.12亿。因此，增长没有太夸张。去年是6.06亿，所以增长50%并不算疯狂。但是，当你将其与其他一些数字比较时，如果你的收入增长了92%，你会对SG&A增长50%感到满意吧？这是一个非常有利的对比。只要基础没问题，而事实证明确实没问题。接下来是重组和减值损失。看看能不能找到那一行。今年这个季度这两项的合计只有两个，而去年是195。所以，很好的是，今年的两个季度都没有出现任何重大事件。
▶ 英文原文 ⏱
So it's, it's just very interesting. Um, hopefully you guys are interested too. So again, we're just kind of all learning some of these things together. Um, all right, SG&A, 912 million. So no crazy growth there. Last year was 606. So no crazy growth as it's up 50% year over year. But I mean, when you compare to some of these other figures, you know, you're definitely gonna be happy with your SG&A up 50% if you've got revenue up 92%, right? That's a very favorable trade. Um, as long as the bases are okay, which they are, uh, restructuring and impairment. Let's see if we can find that line item. Um, so the combination of those two was just two this quarter. And, uh, last year that was looks like 195. So nice that there's no like major thing there in kind of either of the quarters this year.
这应该会让我看看，希望我们这里有一条运营支出（OPEX）线。没有。不过，总成本和费用倒是有的。确保它们一致，是79.57，非常好。所以这是匹配的，经营收入为负的1.43亿也匹配。因此，我们可以看到，经营利润率实际上比前几个季度要健康得多。显然，第一季度的情况不太理想，这主要是由于该季度的毛利较低造成的。所以我认为市场参与者会对此感到满意，因为至少在这个季度显示出这是一个比较特殊的情况。
▶ 英文原文 ⏱
So that should give me, let's see, hopefully we got an OPEX line in here. We don't. Total costs and expenses though. Let's make sure that those match. 79.57. Excellent. So that matches and the operating income of negative 143 million matches as well. So here we can see that the operating margin percentage, uh, is actually in a much healthier spot than in previous quarters. So obviously key one, um, things were not looking amazing on this line, obviously driven by, you know, the lower gross profit that happened in that quarter. So I think market participants are really going to like that. This is, you know, at least in this particular quarter shown this to be more of an outlier type of a situation.
呃，往后看，我们要观察这种情况是否会继续，但显然你会更希望看到负2的运营利润率，而不是第一季度的负40。因此，在这方面取得了巨大的进展，也许“进展”不是最准确的词，但这确实会让人在接近盈亏平衡的情况下比第一季度严重的负运营利润率时更安心一些。然后，我们再来看一些具体的数字，SpaceX在某些方面的组织形式与特斯拉不同，不仅仅是在报告格式上。
▶ 英文原文 ⏱
Uh, we'll see, you know, going forward if that continues to be the case, but certainly you're going to prefer to see a negative two operating margin versus the negative 40 that we saw in the, in the first quarter. So tremendous progress on that line and maybe progress is the wrong framing, but again, just something that's going to make me make people more comfortable as if you're in that more breakeven type situation versus the severe negative operating margin that we saw in, in Q1. Um, and then going through some of these bottom line numbers, uh, SpaceX has sort of organized things a little bit differently than how Tesla has not, you know, just in terms of like the formatting of the reporting.
嗯，所以只是稍微改变了一下电子表格的设置。然后，我发现了这些问题。不过，我们会尽力而为。去年是负的4.11亿，我认为是因为这个数，然后负的6.29亿，我觉得这个数是正确的。来看一下，利息收入是340，对比98。其他净收入是负86。去年是413。所以损失是518。好的，这些都对上了。然后所得税是23和138。应该是870，对，732。只是确保这些数字都与SpaceX报告的数据相符。
▶ 英文原文 ⏱
Um, so it just changed how spreadsheet was set up a little bit. And again, just me finding these things. Um, but we'll do our best here. So negative 411 million last year, I think cause this number and then negative 629, I think is the correct number here. And let's see, interest income, 340 versus 98. Other income net was negative 86. Last year 413. So loss 518. Okay. So that all matches. And then the income tax is 23. And 138. It should be 870. Yep. 732. Just making sure that these all kind of match to the, all the calculations match to the reported numbers from SpaceX.
到目前为止，看起来他们确实是这样的。不过有一个例外，我认为这些数据的大方向是相反的。关于所得税的准备金，这个部分比较复杂。如果你自己处理这些问题的话，可能会遇到一些麻烦。公司在报告中根据具体情况可能会对标签进行调整，这会影响数字的方向性。目前我无法切换回浏览器查看，但如果你查看第八页的财报，会看到他们在这里列出了所得税准备金。在其他情况下，这一行可能会被称为所得税收益。这取决于数字是正还是负，而标签不同则影响其表示的正负含义。
▶ 英文原文 ⏱
And then so far, it looks like they do. Uh, with one exception, I think these are directionally the other way. Yeah. So provision for income tax. This is something that gets a little bit tricky. If just for, if you happen to be doing any of this stuff on your own, um, companies will, depending on how they're reporting it and depending on like the context of everything that's being reported, they could kind of change the label, which would change the directionality of the numbers. So I can't flip back to my browser in this current view, but if you look at, you know, it's on page eight of the earnings report, you can see that they have a provision for income taxes here. In other situations, that same line might be called income tax benefit. Just depends if it's positive or negative. And then how it's labeled will change how it's supposed to be indicated positive or negative.
嗯，所以我可能说得不太清楚，但如果你看到这种情况，觉得好像方向应该相反，那可能只是个标签问题。那么，现在这些匹配了，基本上去年第二季度在GAAP基础上有十亿美元的净亏损，今年缩小到5.41亿美元的亏损，这无疑是很好的进步。显然，我们讨论过，造成这种GAAP亏损的主要原因就是研发支出，因为这几乎吞噬了大部分的毛利润。你知道，大部分都是这样。我想如果SpaceX愿意，他们可以很容易地把这个数字做到十亿美元。如果你看看去年，去年有些时候基本上就是这么多。
▶ 英文原文 ⏱
Um, so I probably didn't make a ton of sense, but just if you ever see that and you're like, huh, it seems like it's supposed to go the other direction. It could just be a labeling thing. Um, so now these match, um, basically billion dollar net loss on a gap basis in Q2 last year, narrowing that to $541 million loss on a gap basis this year, um, which again is good, good progress. And obviously we discussed the, you know, the main reason for this gap loss is that R and D spend right there as that's eating up basically the entirety of the gross profit. you know, vast majority of it. I think if SpaceX wanted to, they could easily make this number, you know, a billion dollars. And if you look at last year, there were parts of last year where that's kind of what it was.
嗯，很明显，这样做只会阻碍企业未来的发展。不过，如果他们想展示一个目前更盈利的业务，这可能是他们能够控制的。在这种情况下，你可能会增加大约25亿美元的经营收入。这样一来，这些底线数字就会发生显著变化。在任何情况下，用每股摊薄收益（EPS）来衡量的话，今年应该为负9美分，而去年为负34美分。再加上8.31美元的股票补偿。再来看其他数据，去年是4.63美元。重组和减值的费用都很低。今年重组费用是2美元，没有减值费用，而去年是190.05美元。所以，只要我没有搞错这些正负值就可以了。
▶ 英文原文 ⏱
Um, obviously that would just be hampering the future growth of the business. But if they wanted to show a more profitable business right now, that would be something that's likely in their control. And then you're adding, you know, maybe two and a half billion dollars to this operating income. And then, you know, that definitely flips how these bottom line numbers start to look at any rate EPS on a diluted basis should be negative to $0.09 here, and negative $0.34 last year. And then we put in share-based compensation, our stock-based comp of $8.31. Let's see. We've got $4.63 last year. Restructuring and impairment are low. So restructuring was $2.00, no impairment. Last year was $190.05. So, provided I'm not messing up the positive or negatives on this.
这应该给我们一些线索。我不认为SpaceX公布了非GAAP每股收益或非GAAP净收入，所以我们只能自己弄清楚。除非我漏掉了什么，这也有可能。但如果我们把这个除以全面稀释后的每股$58.64。确保我的公式正确。我认为这大约相当于每股$0.06的非GAAP收益，但我还需要确认其他数字的影响方向，因为有时我会有点糊涂。但无论如何，调整后的EBITDA最终是$35.38。好了，我们之后再弄清楚这些。
▶ 英文原文 ⏱
That should give us. I don't think SpaceX, like, reported a non-GAAP earnings per share number or even non-GAAP net income, so we're kind of left to just figure that out. Unless I'm missing it, which is definitely possible. But if we divide this by the fully-deleted share count of $58.64. Get my formula right. I would think that that would roughly equate to $0.06 non-GAAP earnings per share, but again, this is just a number that I need to make sure that these other numbers are influencing in the proper direction, because it gets a little bit confusing for me sometimes. But at any rate, adjusted EBITDA, at the end of the day, it was $35.38. And there we go. Well, we'll figure that stuff out later.
这不是特别重要。显然，那里会有一些损失，然后去年的调整后 EBITDA 为 12.14 美元。所以，我不太确定为什么我没有一个。好的，那么我们再来简单回顾一下。总体来看，收入近 80 亿美元，同比上升 92%。销售成本，也就是实现这些收入的成本，仅增长了 53%。显然，任何时候收入增长快于成本增长，对企业都是有利的。这意味着毛利润的增长速度快于收入。因此，总毛利润同比增长 141%，从去年的大约 18 亿美元增长到今年的 43 亿美元。看来收入稍微低了一点。
▶ 英文原文 ⏱
Not super important. Obviously, there would have been a loss there, and then adjusted EBITDA was $12.14 last year. So, I'm not sure why I don't have a. Yeah, okay. All right. So, let's just kind of run through this again. Super high-level revenue, almost $8 billion, up 92% year-over-year. The COGS, the cost of delivering that revenue, up only 53%. Obviously, anytime you have revenue growing faster than the cost, that's good for the business. That means that gross profit is growing more quickly than your revenue is. So, the total gross profit up 141% year-over-year, from the roughly $1.8 billion last year to the $4.3 billion this year. Looks like revenue was a little bit lower.
抱歉，去年的第二季度毛利稍微低了一些。由于成本较高，收入增长不多。行业有些波动，连接相关的业务增长稍慢。我们只是想比较一下，因为之前没有这个数字。重点是，与我预期的平均季度相比，这个季度的毛利率基础稍低，不管出于什么原因。但无论如何，年比增长141%，达到43亿美元。而且，再次强调，第二季度的毛利率非常健康。同时，各项业务的毛利率保持了良好的稳定性和健康的增长。这一点也很令人欣慰。
▶ 英文原文 ⏱
Sorry, gross profit was a little bit lower last year in Q2. Some higher costs, not much revenue growth. Some volatility in space, a little slower-growing quarter for connectivity. So, just kind of looking at this, you know, comparison, since we didn't have that number previously. But, point being, there's like a little bit lower gross profitability base in this quarter for whatever reason than I would expect on sort of like an average quarter. But, either way, up 141% year-over-year to the $4.3 billion. And, again, super, super healthy gross margin percentages in the second quarter. And, nice to see sort of like consistency and healthy growth margin, gross margin across all the businesses.
然后，研发开支依然显著，但没有那么严重。几乎和第二季度相比没有太大增加。哦，抱歉，是和第一季度相比。也就是说，如果SpaceX在这个季度或接近这个速度继续增长收入，他们可能会觉得，3.5是研发投入的一个良好水平。这个问题是个不错的分析师问题，暗示一下。但如果他们认为这已经是个好的水平，可能这一部分会增长，或者不会增长。但是，如果他们能够保持或者逐步增加这个水平，那么任何额外的收入或毛利润都会开始转化为运营收入，而不是运营亏损。
▶ 英文原文 ⏱
And, then again, significant R&D spend, but not so severe. Barely much of an increase at all from the second quarter. Or, sorry, from the first quarter. Which, you know, SpaceX can continue to grow revenue at sort of the clip that they did this quarter or anywhere close to that. If they then start to feel like, alright, 3.5 is a good level of spend for us on the R&D line. Which would be a good analyst question. Hint, hint. But, if they kind of view that as a good level, maybe this will grow. If not. But, if they can kind of maintain that or slowly grow that. Then, any additional revenue, any additional gross profit will start to generate rather than an operating loss and operating income.
然后在这里也开始产生一些潜在的利润。你知道，SpaceX之前也曾报告过利润，差不多是在2024年之前。然后是2025年，根据很多XAI的数字。这种情况肯定发生了变化。不过，你可以看到这几乎与研发费用的巨大增长相同。对吧？这里大约有55亿美元的差异。而在研发上大约有52亿美元的差异。所以几乎完全是由于那一项变化造成的。我的意思是，如果他们能保持这种水平或慢慢增加，我们可能很快会看到一些营业利润，或者说是经营收入。
▶ 英文原文 ⏱
And, then start generating some, you know, potential gap profits here, too. Which, SpaceX has posted gap profit before. Sort of before, you know, in 2024. And, then 2025. From a lot of, you know, the XAI numbers. That situation definitely changed. But, you can see it's pretty much identical to that massive spike in R&D right there. Right? About a 5.5 billion dollar difference here. Got about a 5.2 billion dollar difference there in R&D. So, almost entirely, you know, driven by that one line item change. So, point being, if they kind of hold this or increase it slowly, we could pretty quickly see some operating profit and potentially some, or operating income.
这段话可以翻译成中文，并表达为：
而且，这可能会达到相当显著的水平。特别是如果这个年度经常性收入（ARR）从大约35或33之类的数值下降到现在大约30。但如果它从这个水平增加到100，而研发投入仍保持在3.5的水平，不知道未来会怎样。不过这样的话，将会产生相当可观的营业收入、差额毛利等。所以，我觉得我们都搞定了。我想我们走过了这一切。我好奇股票表现如何，看看对此反应有没有变化。没有太大变化，盘后交易中股价维持在约每股117美元，下跌约7%。让我回去确认一下这一切是否顺利结束。聊到这里。
▶ 英文原文 ⏱
And, potentially, at a pretty significant level. Especially, if this ARR number goes from something like 35 or 33 or whatever to, I guess, like 30 now. But, if it goes from that to something like 100 and you're still at this R&D number of 3.5, which who knows what we'll be at. But, yeah, that would generate some pretty major operating income, gap gross profitability, things like that. Okay. So, I think we made it. I think we made it through it all. I wonder how the stock's doing. See if anything's changed there in terms of the reaction. Not too much. Still down about 7%. After Hours, trading at about $117 a share. Let me flip back and make sure this all went okay. End of the chat here.
嗯，好吧。我看到了一些超级留言。因此，感谢大家。在这里让我确认一下。我有办法过滤这些信息。哦，看到了。好了，我现在可以看到所有的超级留言了。第一个，来自塞尔维亚的问候。这里是来自芝加哥的问候。我们就那个话题聊过了。聊天中的有人知道为什么SpaceX不再为Cessna大小的通用航空飞机提供Starlink服务吗？价格从每月60美元变成了250美元。我对此没有太多背景或见解。也许聊天中的某人对此有一些见解，但很遗憾，我没有。
▶ 英文原文 ⏱
Um. All right. Do see some Super Chats here. So, thank you for that. Let me make sure that I can. There's a way for me to filter on these things. Oh, there we go. All right. I can see all the Super Chats now. First one, greetings from Serbia. Hello from Chicago. We talked about that one. Anyone in the chat have an idea why SpaceX priced out general aviation Cessna-sized planes out of Starlink? $60 became $250 per month using a mini. I don't, unfortunately, have much context or insight on that. Maybe someone in the chat had some insight on that. But, unfortunately, I do not.
哦，我刚刚意识到我可能有时没有展示Excel表格中的一些内容。所以，请确保我把底部的内容展示出来。希望这种情况不太常发生。接下来，特斯拉X表示，预计年终达到1000亿美元的年化收入，与特斯拉合并后将超过2000亿美元的年化收入。我们拭目以待。我认为埃隆·马斯克没有完全排除合并的可能性。所以呢，如果SpaceX也在今年年底达到了这个水平，那这就意味着合并后将会达到2000亿美元以上的年化收入，并且显然会从这个点继续增长。
▶ 英文原文 ⏱
Oh. And I just realized that I was probably maybe not showing some of the Excel sheet at times. So, just make sure I get the bottom in there. Hopefully, that was infrequent, if at all. Next, Tesla X says, end year at $100 billion ARR annual revenue. Merged with Tesla at greater than $200 billion plus ARR LFG. We'll see. I mean, I think Elon has not entirely discounted the possibility of a merger. So, you know, if SpaceX is, you know, we already know that Tesla is basically at that $100 billion ARR level. So, if SpaceX is also there towards the end of the year, then that's kind of what that's implying, is that a merger would be at that $200 billion plus ARR and obviously growing from that point.
嗯，如果我在SpaceX方面做出更多事情，马丁会提供一些帮助。所以，我很感激这一点。然后，是塔米尔。感谢你的报道。我很感激。好的。太棒了，大家。我想我们今天可以结束了。不过，这真的很有趣。第一次参加SpaceX的收益电话会。第一次收益报告已经完成。看到这些数据、听到管理层的意见并了解到更多背景信息，真的非常不错。我对人们能有机会更好地了解这家公司及其背后的业务和发展前景感到兴奋，因为这将是未来极其重要的一部分。
▶ 英文原文 ⏱
Um, Martin offering some help if I do anything more on SpaceX. So, I appreciate that. And then, Tamir. Thanks for the coverage. Appreciate that. All right. Amazing, guys. I think we can wrap it up for today. But, super fun. First SpaceX earnings call in the books. First earnings report in the books. It was really, really nice to see some of these numbers, to hear from management, get some more context. And I'm excited for people to just have a chance to basically better understand this company and the business behind it and where things are going because it's going to be a really, really important part of the future.
谢谢你的关注。我们预计会在下一个特斯拉的第三季度财报时，再次见面。到时候，我们也会为SpaceX做同样的事情。谢谢。
▶ 英文原文 ⏱
So, thanks for checking in. And we'll see you on, I suppose, probably the next Tesla earnings report for Q3. And then we'll do the same for SpaceX. Thank you.