2Q Earnings Preview: Approaching Max Q?

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2Q Earnings Preview: Approaching Max Q?

Idea

July 28, 2026 08:30 PM GMT

Morgan Stanley & Co. LLCMSpaceX | North America Adam Jonas, CFA

Equity Analyst

2Q Earnings Preview: Adam.Jonas@morganstanley.comWilliam Tackett, CFA +1 212 761-1726

Research Associate

William.Tackett@morganstanley.com +1 212 761-6028

Approaching Max Q? Sean Diffley, CFA

Sean.DIFFLEY@morganstanley.com +1 212 761-5868

Revenues, EBITDA, Starlink subs, ARPU, AI pricing, Cursor ARR, Kristine T Liwag

FY capex guide… all of these matter. But with SPCX shares Equity Analyst

Kristine.Liwag@morganstanley.com +1 212 761-2980

down nearly 50% from its highs and nearly 20% below IPO price Brian Nowak, CFA

investors are far more focused on the short term technical EquityBrian.Nowak@morganstanley.comAnalyst +1 212 761-3365

overhang. A window has opened for longer term investors. Justin M Lang

Please see here for our SpaceX Initiation: SpaceX: AI’s Final Frontier; Initiate at Justin.Lang@morganstanley.com +1 212 761-6251

Julian Herrera

Overweight, PT $300 (7 Jul 2026) Research Associate

Julian.Herrera@morganstanley.com +1 212 761-1784

In rocketry, 'Max Q' stands for maximum dynamic pressure, the exact point during Blake Netter, CPA

a rocket's launch when the physical aerodynamic stress on the airframe reaches its Equity Analyst

Blake.Netter@morganstanley.com +1 212 761-4679

highest peak. Dynamic pressure depends on air density and the speed of the rocket

squared (q = 1/2pv^2). We believe Max Q is analogous to what SpaceX shares are SpaceX (SPCX.O, SPCX US)

experiencing heading into its first reported quarter as a public company. The Space Technology | United States of America

dynamic stress on the stock price from an unprecedented amount of unlocked Stock Rating Overweight

Industry View Attractive