Q3 Earnings: Tesla's Flying Car, SpaceX's First Profit, and Meta's 10 Million Muse Users

Stephen and Andrew dig into three of the biggest Q3 earnings calls of the season: Meta, Tesla, and SpaceX. Meta's ad business keeps humming and its new AI, Muse, already has 10 million users in six weeks — but the stock still dropped 7%. Tesla showed off a flying car that does a kick flip, then reported flat revenue and the end of its government credits gravy train. And SpaceX put up the most eye-popping numbers of the three: revenue up 161% year over year, its first profit ever at $4.4 billion, and an AI business that Stephen calls a Benjamin printing press. Along the way they get into the weird split in the economy — companies are doing fine while consumers get crushed — Elon's $500 billion to $1 trillion revenue bet for 2027, and why all three of these companies being founder-led is probably not a coincidence. What You Will Learn Meta Q3 in one minute: ad impressions up, prices per ad up, and 10 million Muse users in six weeks — and the stock still fell 7% What makes Meta's Muse different from a normal chatbot: it acts on its own, makes Trello cards, watches your email, and remembers what you talked about Meta's numbers: PE of 22 trailing and 19 forward, EV/EBITDA of 16, and operating margins cut in half to 20% What Meta's new Class C shares actually are, why they don't dilute shareholders, and the California wealth tax angle Tesla's flying car launch, the kick flip, and why SpaceX and Tesla employees were both working on it Tesla's real problem: flat revenue year over year, no talk about selling more cars, and the government credits are gone The consumer vs. business divide: companies are fine, consumers aren't — and what that means for stocks like Nike, Home Depot, Lululemon, Target, and Starbucks SpaceX's quarter: revenue up 161% year over year, $14.5 billion in the quarter, and its first profit ever at $4.4 billion SpaceX's AI business: $19.4 billion in CapEx with $16.4 billion of it AI, the highest adjusted EBITDA ever, and the maintenance-capex question Starlink by the numbers: a $63 billion backlog, consumer ARPU up 5%, government ARPU up 91%, and 14 million users in 174 markets Elon's new bet: SpaceX annual recurring revenue of $500 billion to $1 trillion by the end of 2027 The final ranking: SpaceX 1, Meta 2, Tesla 3 — and the founder-led thread running through all three The beginner takeaway: why Tesla and SpaceX earnings calls are the friendliest place to start listening to earnings Timestamps 00:00 — Earnings season intro: three Q3 calls, three founder-led companies 03:20 — Meta: more of the same — ad impressions and prices up, plus 10 million Muse users in six weeks 06:50 — Stephen's Muse story: the diffuser, the birthday presents, and "I don't trust AI with my wallet" 08:34 — What makes Muse different: it acts on its own — Trello cards, email, and memory 12:17 — Meta's stock is down 7%: PE 22 trailing, 19 forward — a value buy? 13:50 — The real Meta question: no CapEx guidance, margins cut in half, and do you believe in Zuckerberg? 17:06 — Meta's new Class C shares: a stock split, no dilution, and the California wealth tax angle 22:38 — Tesla: the flying car, the kick flip, and the SpaceX–Tesla crossover 25:02 — Tesla's numbers: flat revenue, no car talk, and the government credits are gone 26:49 — The consumer vs. business divide: companies are fine, consumers aren't 33:38 — SpaceX: revenue up 161% year over year and first profit ever — $4.4 billion 37:28 — SpaceX's AI printing press: $19.4 billion in CapEx and the biggest adjusted EBITDA yet 41:54 — SpaceX's $63 billion backlog and the maintenance-capex question 47:39 — Ranking them: SpaceX 1, Meta 2, Tesla 3 — and whose AI wins? 55:57 — Elon's $500 billion to $1 trillion ARR bet by the end of 2027 57:47 — The beginner takeaway: founder-led companies, clean earnings calls, and the wrap-up Resources Mentioned The Value Spotlight Newsletter: ⁠https://einvestingforbeginners.com/value-spotlight-newsletter⁠/ Have questions or want your story featured? Email the show at ⁠[email protected]⁠ or comment below. Your feedback shapes the podcas