Evening Scan

SpaceX's first earnings report as a public company landed with a thud despite blowout numbers — revenue doubled, but a sevenfold jump in capex spooked investors enough to send shares down 7%. Elsewhere, the afternoon was mostly consumer-earnings carnage: Pinterest, Coupang, and Match all got punished after hours.

$47.5B — SpaceX's order backlog, the number bulls are pointing to while everyone else stares at the capex line. (Axios)

SpaceX doubles revenue on Anthropic and Google compute deals, Starlink growth

AI segment revenue up 247% YoY looks great until you clock the $15.8B in AI capex behind it — the market clearly wanted growth without the bill. (TechCrunch)

Pinterest reports Q2 revenue up 18% YoY to $1.18B, MAUs up 11% to 640M; PINS drops 8%+ after hours

Beat on revenue, beat on users, still got sold off — a reminder that "in line" guidance is the new disappointing. (CNBC)

Coupang reports Q2 revenue up 4% YoY to $8.9B and an operating loss of $556M due to a $409M data breach fine (paywall)

The breach keeps costing more than the crime — CPNG down 7%+ as the fine outweighs the top-line growth. (Bloomberg)

Anthropic signs $10B deal with AI cloud startup Volta

Another mega-cloud commitment in a week already full of them — the only winner on the day. (TechCrunch)