Elon Musk spoke at a Pennsylvania rally for former President and Republican presidential candidate Donald Trump in Pennsylvania over the weekend, calling the election a “must-win” for Trump, and noting that people needed to vote to preserve the Constitution and democracy as a whole.
It was reported earlier this week that Musk would be speaking at Trump’s rally in Butler, Pennsylvania, where the former President was shot in an assassination attempt in July. Trump invited Musk onto the stage during the early minutes of his speech, with the Tesla and SpaceX CEO taking up just a couple of minutes of the former President’s stage time.
During the speech, Musk talked about many of the themes he has written about online over the past few months, especially including freedom of speech and the need for everyone to get out and vote. He also called this election the “most important election of our lifetime,” tying it to concerns about voter fraud and California’s recently passed SB 1174, which banned voter ID in response to a previous Huntington Beach voter ID requirement.
Musk continued:
The other side wants to take away your freedom of speech. They want to take away your right to bear arms, they want to take away your right to vote, effectively. There are 14 states now that don’t require voter ID. California, where I used to live, just passed a law banning voter ID for voting.
Ha, I still can’t believe that’s real.
So how are you supposed to have a good, proper election if there’s no ID? It’s meaningless. And free speech—free speech is the bedrock of democracy.
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And if people don’t know what’s going on, if they don’t know the truth, how can you how can you make an informed vote?
He also went on to share his support for the Second Amendment as a means of protecting the first amendment, before going on to say that a Trump victory was necessary to “preserve the Constitution and democracy.”
You must have free speech in order to have democracy. That’s why it’s the First Amendment, and the Second Amendment is there to ensure that we have the First Amendment.
President Trump must win to preserve the Constitution. He must win to preserve democracy in America. This is a must-win situation. Must-win.
Musk then went on to encourage everyone in the audience, and everyone watching the video, to make sure their loved ones were registered to vote. If they don’t, Musk predicts that this will be the “last election.”
There’s only two days left to register to vote in Georgia and Arizona, 48 hours. Like text people now, and then, make sure they actually do vote. If they don’t, this will be the last election.
That’s my prediction. Nothing’s more important.
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Following Musk’s short speech, Trump continued, going on to talk about recent relief efforts in partnership with SpaceX in North Carolina, in which the company has been working to help deploy Starlink for victims of Hurricane Helene. Trump also aired criticisms of the response of President Joe Biden and election opponent Kamala Harris, while touting Musk and the SpaceX team for getting Starlink out to victims across North Carolina and Georgia.
Musk’s statements echoed many of his recent statements on X, including references to the election as a “must-win” for Trump and running mate JD Vance, and saying the “survival of the Constitution is indeed at risk.”
Trump/Vance MUST win. I can’t handle 4 years of seeing and hearing Kamala/Walz. That would be cruel and unusual punishment!
— Elon Musk (@elonmusk) October 2, 2024
Last week, Musk also aired similar claims that this could be the “last election” if Trump does not win, due to claims that enough non-citizens would be able to vote under Harris and running mate Tim Walz and essentially create a “one-party state” nationwide.
Very few Americans realize that, if Trump is NOT elected, this will be the last election. Far from being a threat to democracy, he is the only way to save it!
Let me explain: if even 1 in 20 illegals become citizens per year, something that the Democrats are expediting as fast… https://t.co/u3HBdd5Bv0
— Elon Musk (@elonmusk) September 29, 2024
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Musk officially endorsed Trump in the 2024 election in a post on X in July, immediately following the assassination attempt. Last month, Trump also said that he would appoint Musk to the role of the “Government Efficiency Commission,” adding that the Tesla and SpaceX CEO has already agreed.
You can see Musk’s speech on Saturday from Forbes coverage below.
What are your thoughts? Let me know at zach@teslarati.com, find me on X at @zacharyvisconti, or send us tips at tips@teslarati.com.
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Investor's Corner
SpaceX and Nvidia team up on Musk’s orbital AI bet
SpaceX revealed a new Nvidia satellite partnership, then Musk pledged an exclusive Nvidia hardware commitment.
SpaceX and Nvidia are now working together on the hardware that will power Musk’s orbital data center ambitions. SpaceX announced on X on Tuesday that it is partnering with Nvidia to design the compute payload for Starmind AI1, the first satellite in a planned constellation built to run AI workloads directly in orbit. Each Starmind satellite will carry Nvidia’s Rubin GPUs and Vera CPUs, according to the post, which included renderings of the payload design.
The announcement landed hours before SpaceX’s first earnings call as a public company, where Musk went further, saying the company has committed to building its AI infrastructure exclusively on Nvidia hardware. “We think the Vera Rubin architecture is the best architecture. We think it’s the best AI computer, and we greatly value our close cooperation and partnership on many levels with Nvidia,” Musk told investors on the call,. “So we’re exclusive to Nvidia.”
Musk said SpaceX plans to deploy Nvidia’s Vera Rubin NVL72 rackscale system, codenamed Kyber, both on the ground and in space. He set a target of 2 gigawatts of compute capacity online by the end of this year, scaling to roughly 10 gigawatts by the end of 2027.
SpaceX’s newest Starmind will make earth data centers obsolete
Starmind has been in development since Musk confirmed the name in June, following an xAI trademark filing that tipped off the project before SpaceX made it official. The idea is massive in scope and instead of moving data down to ground based servers, satellites equipped with onboard processors and large solar arrays would compute AI workloads in orbit and beam results back to Earth. SpaceX has already filed with the FCC for a constellation of up to one million satellites to support the effort, citing constant solar power and the absence of zoning restrictions as advantages over terrestrial data centers.
The Nvidia exclusivity marks a shift in tone from just two weeks ago, when Musk was busy knocking down a report that SpaceX had ordered $52 billion worth of Nvidia GPUs through Foxconn, calling it fake news at the time. The dollar figure in that rumor may have been wrong, but the underlying direction seems correct. SpaceX’s AI division already leases Colossus compute capacity to Anthropic and Google, and Tuesday’s earnings report showed AI revenue climbing sharply as those deals ramp up.
Nvidia shares rose roughly 3% in Tuesday trading on the news, while SpaceX stock climbed nearly 9% during the day before giving back gains after hours as investors digested the earnings report’s capital spending figures.
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SpaceX (NASDAQ: SPCX) reported a beat in revenues and EBITDA in its first earnings call report while also minimizing losses as its business continues to gain momentum.
After its IPO in July, SpaceX saw some tough losses on Wall Street due to a major selloff after a delay in its 13th Starship test flight. The ship launched later that week and completed what was arguably the most successful IFT operation in the Starship program’s history.
Nevertheless, the company is continuing on and reported some encouraging financials while also promoting what appears to be a robust outlook moving forward in its Space, AI, and Connectivity divisions.
SpaceX to report first-ever earnings today: here’s what to expect
Earnings Results
- Revenues: $7.8 billion reported vs. $6.7 billion expected
- Adjusted EBITDA: $3.5 billion vs. $2 billion expected
- Net loss of $541 million, an improvement of $467 million from net loss of $1.0 billion
Additionally, CFO Bret Johnsen had these comments:
“2026 has been a momentous year so far, and the second quarter demonstrated the true power of SpaceX. Revenue growth accelerated across all our business segments and we delivered strong operating leverage, with significant margin expansion led by our new AI compute agreements. Our unparalleled leadership in launch, Starlink subscriber growth, new enterprise and government partnerships, and best-in-class AI infrastructure underscore our ability to drive meaningful scale and deliver attractive returns. As a newly public company, we are delighted to welcome our broad base of shareholders and bondholders. We ended the second quarter with $100 billion of cash, cash equivalents, and marketable securities, and $47.5 billion in backlog. This financial strength gives us substantial capacity to invest in Starship, Starlink Broadband and Mobile satellites, and our AI platform, while maintaining a disciplined long-term capital allocation framework.”
Space Business Highlights
SpaceX shared some of its biggest Space Business Highlights for Q2:
- Space revenues grew 55% sequentially and 29% year-over-year to $962 million, driven by a higher number of large customer launches and a favorable customer shift compared to the prior year
- Total costs and expenses for the Space segment were up by $389 million year-over-year, as we continued to accelerate R&D investments in our Starship program, which we believe will reduce the cost to orbit by 99% or more relative to the historical average, and unlock significant revenue potential across all business segments
- Leading launch provider for the world with 78 launches and 1,041 metric tons of mass to orbit deployed over the six months ended June 30, 2026, primarily allocated to Connectivity for the deployment of our Starlink constellation
- Starship V3 development continued to advance towards full and rapid reusability:
- Completed Starship V3’s first suborbital mission in May, Flight 12, which achieved a successful lift off from our new Starbase pad, a precision landing of Starship’s upper stage, and deployment of modified V2 Starlink satellites
- Subsequent to the second quarter, completed Starship Flight 13 in July, which achieved all flight objectives including deploying 20 production V3 satellites, demonstrating in-space relight of a Raptor engine, and executing the softest ever splashdown of Starship, providing critical views of an intact heatshield
SpaceX will report its earnings today at 4:30 P.M. EDT.
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Elon Musk issued a second pointed warning to SpaceX short sellers on Tuesday, just hours before the company was set to release its first quarterly earnings as a publicly traded firm. Responding to a report highlighting elevated short interest, Musk wrote on X: “I try to warn them, but they just double down …”
The comment came as data from S3 Partners showed roughly 95 percent of available SPCX shares to borrow were on loan, translating to about 34 percent short interest as a percentage of the float. The stock has traded under pressure since its record-breaking IPO in June 2026, declining significantly from early peaks.
I try to warn them, but they just double down … 🤷♂️
— Elon Musk (@elonmusk) August 4, 2026
This marks the second such message from Musk in under three weeks.
On July 17, amid post-IPO volatility, he stated: “The survival probability of firms who maintain a significant short position in SpaceX over time is very low.” At that time, SPCX had fallen roughly 30 percent from its peak above a $2.6 trillion valuation, with short sellers reportedly realizing gains of about $8.7 billion.
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Musk’s warning aligned with optimistic analyses projecting that Starship-driven cost reductions could enable a multi-trillion-dollar space economy through applications such as orbital solar power, asteroid mining, data centers, and Mars-related projects, positioning SpaceX as critical infrastructure.
SpaceX is scheduled to report second-quarter results after the market close later today, followed by a webcast. Analysts anticipate revenue near $6.9 billion, reflecting growth in Starlink, launch services, and AI-related segments. The earnings release precedes a major lockup expiration on August 6 that could free hundreds of millions of insider shares.
Musk has a long track record of confronting short sellers, particularly regarding Tesla, where he has argued that persistent bearish positions underestimate transformative technologies. Critics view his optimism as overly ambitious given near-term stock fluctuations, while supporters see temporary dips as opportunities in a longer-term expansion of the space economy.
As SpaceX opens its books to public scrutiny for the first time, the high short interest and Musk’s repeated cautions set the stage for heightened market attention on the results and management’s commentary.
SpaceX and Nvidia team up on Musk’s orbital AI bet
SpaceX reports beat in first earnings while minimizing losses
