Conclusion: SpaceX’s core business is fundamentally sound and profitable. The issue has never been its core operations—but rather its decision to funnel all profits into AI. 6.2 Verification Node Two: ROI on AI Capital Expenditures — ❓ The Biggest Uncertainty This is the linchpin of the entire investment thesis. Management claims that AI compute infrastructure will recoup its cost within one year—but: ・AI capex reached $15.8 billion in Q2 alone, implying an annualized figure exceeding $60 billion—yet there is zero independent verification regarding when—or even whether—this investment will generate returns. ・Although AI revenue grew by 250% year-on-year, its absolute scale remains small (estimated annualized revenue of only $3–5 billion). ・If the 10 GW compute target is achieved, potential annual revenue from compute leasing (not to be confused with NVIDIA-style hardware sales) could reach $15–25 billion—still a critical pillar supporting valuation, though far less dramatic than the inflated $40–50 billion figures sometimes cited. Verification Standard: Over the next 4–6 quarters, can AI revenue rapidly scale from its current tens-of-billions annualized level to hundreds of billions—thereby validating management’s claim that capex pays back within one year? This remains the central point of contention between bulls and bears. 6.3 Verification Node Three: GAAP Profitability Path — ⚠️ Still Distant Signal Status Quarterly net loss narrowing ⚠️ Q2’26: -$541 million (an improvement, though Q1’26 included a one-time $4.28 billion upfront charge) R&D expenses under control ❌ FY2025 R&D: $8.6 billion (+150% YoY), growing far faster than revenue Starship cost containment ❌ Remains a major cost center; commercialization has yet to begin Conclusion: Under the current intensity of AI capex, GAAP profitability remains distant. Investors must accept the narrative of “long-term losses for future monopoly.” 6.4 Key Observation Time Windows Time Event Focus 2026-08-06 Lock-up expiration Scale of insider selling pressure; stock price resilience 2026-Q3/Q4 earnings Whether capex remains at promised elevated levels Whether AI revenue keeps pace with capital deployment End of 2026 Feasibility of $100 billion run-rate Compound growth rate of Starlink + AI revenue 2027 Progress on 10 GW compute capacity Whether compute-leasing revenue begins scaling meaningfully 2027–28 First commercial Starship payload Whether a new space-economy market truly opens up VII. Multi-Dimensional Valuation Analysis: Traditional Methods Fail—Only SOTP Remains 7.1 Why All PE / Graham / DCF Methods Fail SpaceX is a high-growth company with negative net income and negative free cash flow—akin to Tesla or Amazon during their AI-capex phases. Any valuation method relying on positive earnings or positive cash flow yields either N/A or nonsensical results: Valuation Method Result Applicability Explanation DCF (10-year) N/A ❌ Not applicable Free cash flow is negative—no basis for discounting Reverse DCF N/A ❌ Not applicable Same reason

Will distribute a cash dividend of NT$1.8! 'This LEO satellite-related stock' announces positive news at its shareholders’ meeting: Secures long-term cooperation orders and continues expanding related applications

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