SpaceX's Space segment spent $1.225B on R&D in Q3 vs $849M a year ago, up 44%.
Space revenue rose just 6% to $1.77B over that span. Since Q3 2025, segment operating income went from +$259M to -$7M.
$SPCX
Annualized volatility, last 30 sessions through Nov 13:
$AAOI - 134%
$NBIS - 129%
$LITE - 124%
$CIEN - 116%
$COHR - 115%
$CRDO - 114%
$FN - 110%
$SIVE - 98%
$QQQ - 31%
Every optical name moved at least 3x as much as the Nasdaq 100 - high beta!