SpaceX lost money launching rockets in Q3 2026 yet reported $4.4B in net income by renting AI compute, while Tesla’s auto revenue flatlined and net income fell 43%. We run both through a Graham-Dodd scorecard and a DCF to see how much margin of safety is left at today’s prices.
Deep Value Intelligence audits the numbers behind the headlines with a Graham-Dodd / Buffett lens: valuation discipline, cash generation, balance-sheet safety and return on capital.
Don’t guess. Calculate.
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Disclaimer: educational and research content only. Not investment advice. Based on public sources that may be revised or interpreted differently. Do your own due diligence.
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Chapters
0:00 Tesla & SpaceX Q3 2026 Audit
0:39 Two Entities at a Glance
1:17 From Hardware to AI Compute
2:37 The Deep Value Framework
3:17 Two Entities at a Glance
3:58 SpaceX Revenue Breakdown
4:56 Four Structural Moats
5:38 SpaceX Revenue Breakdown
6:57 From Hardware to AI Compute
8:22 SpaceX Hidden Earnings Adjustments
9:44 Scorecard: Balance Sheet & Profitability
10:23 SpaceX Hidden Earnings Adjustments
12:22 The Capex War
15:36 Four Structural Moats
17:16 The Deep Value Framework
17:37 Scorecard: Valuation & Growth
19:57 DCF Architecture
20:37 SpaceX’s Valuation Gap
21:14 The Capex War
21:52 SpaceX’s Valuation Gap
22:51 The Capex War
23:31 Two Entities at a Glance
24:15 From Hardware to AI Compute
24:55 Two Entities at a Glance
26:16 Four Structural Moats
27:55 Scorecard: Balance Sheet & Profitability
29:17 From Hardware to AI Compute
29:58 Two Entities at a Glance
30:18 Four Structural Moats
30:57 Tesla’s Valuation Gap
31:36 Final Verdict: Momentum vs Value
32:54 From Hardware to AI Compute
33:14 The Deep Value Framework
34:53 Scorecard: Valuation & Growth
36:08 Scorecard: Balance Sheet & Profitability
36:48 The Capex War
37:28 Scorecard: Balance Sheet & Profitability
38:49 The Deep Value Framework
39:49 Final Verdict: Momentum vs Value
42:34 Scorecard: Valuation & Growth
43:33 DCF Architecture
44:32 Tesla’s Valuation Gap
47:11 The Growth Illusion
49:49 Final Verdict: Momentum vs Value
51:10 From Hardware to AI Compute
51:30 SpaceX Revenue Breakdown
51:50 The Capex War
52:16 Scorecard: Valuation & Growth
52:39 Tesla’s Valuation Gap
52:59 Final Verdict: Momentum vs Value
54:03 From Hardware to AI Compute
54:23 Final Verdict: Momentum vs Value
55:14 Get the free apps
Image credits
SpaceX logo: SpaceX, Public domain, via Wikimedia Commons
Elon Musk photo: Gage Skidmore, CC BY-SA 4.0, via Wikimedia Commons
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