Sell SPCX by Dec 30, 2026.

Since the IPO I've been trying to work out what SPCX holders are actually paying for at \~$2T. The S-1 and the Q2 report make it fairly clear. Three businesses under one ticker (FY2025): \- Starlink: $11.4B revenue, +$4.4B operating income, \~63% EBITDA margin \- Launch: $4.1B revenue, -$0.7B (Starship R&D) \- AI (xAI + X): \~$3.2B revenue, -$6.4B Starlink's EBITDA (\~$7.2B) is bigger than the whole company's adjusted EBITDA. The other two segments burn what it makes: Q2 capex …