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New Findings From Satellite Could Shake Up SpaceX IPO

Editor June 9, 2026 6 minutes read
bc1e456e-f838-4162-8604-bc58260bbc27

June 9, 2026

New Findings From Satellite Could Shake Up SpaceX IPO 

Featured: SFIX Earnings Day: Growth or Mirage?


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Early supporters of “Dark Energy” include:

  • Nvidia CEO Jensen Huang. He said out loud in a London meeting that this is critical to the future of AI.
  • OpenAI CEO Sam Altman. The Financial Times reports he has been heard begging a small Colorado company to build this for him on an open phone line.
  • Billionaire Brad Gerstner. This is a legendary tech investor who managed to be early on Uber, Microsoft, Amazon, Meta, and Nvidia. He just joined a $300 million round backing this technology.
  • And Billionaire Garry Tan. Garry invested in Coinbase back in 2012… turning a $300,000 stake into $2.4 billion in less than 10 years. He has backed Airbnb, Stripe, DoorDash, and Dropbox… and his firm has invested in companies that are now worth more than $1 trillion combined. Today, he’s backing “Dark Energy.”

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This ad is sent on behalf of Altimetry, 110 Cambridge Street, Cambridge, MA 02141. 



FEATURED

SFIX Earnings Day: Growth or Mirage?

The Revenue Line Is Moving. The Client Count Is Not.

Stitch Fix (NASDAQ: SFIX) releases its Q3 fiscal 2026 results today, June 10, after market close. The quarter covers the period ended May 2, 2026. What makes this report interesting is not whether the company beat or missed a single number. It is whether the gap between two competing signals finally starts to close.

Here is the tension. Revenue has been growing. Q1 FY2026 came in at $342.1M, up 7.3% year-over-year. Q2 followed at $341.3M, up 9.4% YoY, beating the company’s own guidance range of $335M–$340M. Both quarters exceeded analyst expectations. The company raised its full-year FY2026 revenue outlook to $1.330B–$1.350B, with adjusted EBITDA guidance tightened to $42M–$50M.

That is the optimistic read. The harder number to explain away is active clients.


Client Erosion vs. Revenue Per Client

Active clients stood at 2.288M in Q2 FY2026, down 3.5% year-over-year. That follows Q1’s 2.307M, which was itself down 5.2% YoY. The company has been losing clients on a year-over-year basis for multiple consecutive quarters. What is propping up the revenue line is net revenue per active client, which climbed to $559 in Q1 FY2026, a 5.3% increase YoY. Management’s Q3 guidance called for revenue of $330M–$335M, with sequential net active client adds expected to turn positive for the first time in recent memory.

That sequential positive client add, if it shows up today, changes the conversation considerably. It would signal that the company’s transformation strategy, centered on GenAI styling tools, expanded assortment flexibility, and human-plus-algorithm personalization, is beginning to attract new clients rather than just extracting more from a shrinking base. If it does not show up, the revenue growth argument gets harder to sustain at scale.


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What the Options Market Was Saying Ahead of This Report

Ahead of Q2 FY2026 results, pre-earnings options volume in SFIX ran 3.1x normal levels, with calls leading puts at an 8-to-1 ratio. Implied volatility at that time suggested the market was pricing in a move near 4.9%. SFIX carries a beta of roughly 2.30, which means the stock moves hard on both sides of a catalyst. Traders running defined-risk structures into today’s release should be sizing accordingly. The 52-week range is $2.95–$5.94, and the stock was trading near $3.43 as of early June 2026.

Gross margin held at 43.6% in Q2 FY2026 and the company carries $240.5M in cash with zero debt. That balance sheet gives management runway to keep investing in AI tooling and stylist infrastructure without the pressure of near-term liquidity concerns. The question is execution, not solvency.


Northland initiated SFIX with an Outperform rating in late May 2026. Telsey Advisory holds a Market Perform with a $5 price target. The analyst consensus sits at Hold across five firms, with an average target near $4.50. That spread tells you where the uncertainty lives. Nobody is calling this broken, and nobody is calling it fixed.

Today’s report either confirms the stabilization case or forces a reassessment of whether revenue-per-client growth can carry the model indefinitely while the total client base keeps contracting. One of those outcomes is a lot more durable than the other.

Watch the client add line. Everything else follows from there.


  • Q3 FY2026 Revenue Guidance: $330M–$335M
  • FY2026 Full-Year Revenue Outlook: $1.330B–$1.350B
  • FY2026 Adjusted EBITDA Guidance: $42M–$50M
  • Q2 FY2026 Active Clients: 2.288M (down 3.5% YoY)
  • Q2 FY2026 Revenue Per Active Client: $559 (+5.3% YoY)
  • Gross Margin (Q2 FY2026): 43.6%
  • Cash and Investments: $240.5M, zero debt
  • Key Watch Item Today: Sequential active client adds turning positive
  • SFIX Beta: 2.30 – size positions accordingly

– The Editorial Desk

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