SpaceX Earnings, Steve Madden’s Seasonless Strategy, and Korea’s Margin Call Crisis

SpaceX just reported its first quarterly earnings as a public company, Steve Madden killed fashion seasons to reach an all-time high stock, and 1.2 million South Koreans got margin calls in a market now more volatile than Bitcoin. Plus: air protein startups are pulling food out of thin air, Spotify joined the 300 million subscriber club, and 20% of Gen Zers had a parent attend a job interview with them.

SpaceX: Frenemies in Orbit

SpaceX’s first earnings as a public company revealed a company that is simultaneously competing and cooperating with nearly every other player in AI. The headline numbers: $7.8 billion in quarterly revenue, up nearly double from last year, and a net loss of $541 million that shrank by almost half. But the real story is how SpaceX makes and spends its money.

Starlink is the cash engine. Revenue grew 66% last quarter, profits rose 79%, and the satellite internet service now has 12 million subscribers paying $66 a month. That generated $1.6 billion in profits in three months — enough to fund the money-losing rocket business. SpaceX president Gwynne Shotwell said the Starship is “nearly operational,” but the rocket division still bleeds cash.