SpaceX has a 'cash cow' hiding in plain sight. Here's why I'm buying the stock

SpaceX shares have swung wildly since the company’s June IPO, jumping from the $135 offering price to above $225 before dipping to roughly $105. A recent investor thesis highlighted that the real “cash cow” isn’t just rockets, but Starlink’s growing recurring revenue. Starlink ended Q2 with 12 million subscribers, double a year earlier, supporting SpaceX Connectivity revenue up 66% to $4.3 billion. The article cites about 11,000 active satellites in orbit versus roughly 650 for Eutelsat OneWeb. SpaceX’s high launch cadence and booster reusability are key advantages, while Starship’s first orbital flight is targeted for Sept. 28, carrying 26 Starlink V3 satellites to expand capacity.