SpaceX is growing fast, but the numbers under the hood look shaky, and the whole AI-and-space boom may be near a bubble top.

• SpaceX revenue jumped 92% last quarter, but it still lost money and is spending far more than it takes in.
• Spending hit $18.4 billion — more than double its revenue — going into AI, Starlink connectivity, and rockets.
• Musk is making huge promises: millions of tons to orbit, factories and boots on the moon by 2028, even an economy a million times bigger than Earth's — while Starship still hasn't reached orbit.
• Starlink could one day carry most of the world's internet, and Musk argues AI and robots will send demand for bandwidth soaring.
• Skeptics see peak bubble: Michael Burry is betting against the rally and warning of a 1987-style crash, and insiders can start selling their shares this week.

Outlook: Watch for insider selling this week and whether the flashy promises hold up — if they don't, the stock looks vulnerable.