Phillip Securities reiterated its "Sell" rating on SpaceX, setting a target price of $75. SpaceX's Q2 revenue grew 92% year-over-year to $7.8 billion, primarily driven by AI (up 247%), connectivity (up 66%), and space operations (up 29%). Starlink subscribers doubled to 12 million, and SpaceX held $100 billion in cash and securities at quarter-end. However, analysts expressed concerns about high capital expenditures, AI customer concentration, and temporary cloud contracts, suggesting that a re-rating would require longer-term commitments.