Sources: SpaceX lost just under $5B last year while generating more than $18.5B in revenue; the loss figure includes xAI

Ben Bajarin / @benbajarin: I liked the $AMZN shareholder letter. I take point 4 with a grain of salt (trn is largely AWS as a customer and Anthropic). Points 5 and 6 are most important for the "durability" of the cycle debate. https://www.aboutamazon.com/ ... Jassy's shareholder letter is making Amazon's return on AI CAPEX even more clear: - Most of the AWS CAPEX for 2026 is already backed by customer commitments - AWS could be growing even faster than 24% with more capacity. Multiple customers have asked to buy all Graviton CPU supply for 2026 - AWS AI annualized revenue is over $15 billion as of Q1 26 - $20 billion in annual chip rental revenue (translates to $50 billion in equivalent sales if selling externally) and growing triple digits y/y