Space Exploration Technologies Corp. Class A Common Stock
Space Exploration Technologies Corp. provides satellite-based broadband services in the United States, Ireland, Canada, and internationally. It operates through three operating segments: Space, Connectivity, and AI. The Space segment designs, manufactures, and launches reusable rockets to provide access to space. It also provides launch services for the deployment of payloads to intended orbits for commercial and government customers utilizing Falcon 9 and Falcon Heavy; and engages in the launch and development for the development of spacecraft and the provision of launch and mission services for government agency space programs utilizing Falcon 9, Falcon Heavy, Starship, and Dragon. Its company's Connectivity segment operates broadband data and communications network by various Starlink satellites in low-earth orbit, delivering connectivity to various consumers, enterprise, and government customers. The company's AI segment operates a vertically integrated AI platform spanning a frontier LLM Grok; AI solutions for consumer and enterprise customers; X, a real-time information, entertainment, and free speech platform; and AI computational infrastructure. Space Exploration Technologies Corp. was incorporated in 2002 and is based in Starbase, Texas.
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SpaceX to Invest $100 Billion in Louisiana Starbase
SpaceX announced plans to invest at least $100 billion in Starbase Louisiana, a 125,000-acre launch complex in Vermilion Parish, with construction starting in 2027 and the first launch targeted for 2029. This investment is about 23 times SpaceX's annual space revenue of roughly $4.35 billion, and it comes as the company's trailing-12-month capital expenditures already total about $42.4 billion. The facility is designed to support thousands of launches annually, and SpaceX's Starlink segment, which generated $11.4 billion in revenue and $4.4 billion in operating income in 2025, is expected to help fund the project. The move mirrors the broader AI infrastructure boom, with UBS estimating that hyperscalers will spend $4.1 trillion on AI infrastructure from 2026 through 2028, and Amazon, Alphabet, and Microsoft collectively spending capital equivalent to 102% of their 2026 cloud revenue.
Bitwise Launches Automated Portfolio Service for Tokenized Equities
U.S. crypto asset manager Bitwise announced on the 25th that it has begun offering a tokenized equities service that automatically tracks model portfolios within a wallet. The firm, which manages $9 billion in client assets, combines Coinbase's tokenized equities with technology from independent platform Glider, enabling users to hold assets in a self-custody wallet while reflecting the investment model. The initial product lineup consists of three offerings: Mag 7X, Robotics, and AI Leaders. Mag 7X equally allocates across eight companies, adding SpaceX to the Magnificent Seven; Robotics focuses on investments in key companies related to autonomous systems; and AI Leaders centers on investments in companies leading the artificial intelligence sector. Users can access the service through Glider's platform, and in addition to trading fees and other costs, a 0.15% fee applies. At launch, similar to Coinbase's tokenized equities service, it is available only to non-U.S. residents living in eligible regions outside the United States. Bitwise's automated portfolio products are expected to roll out gradually over the coming weeks.
Dell Technologies is set to face its next big test as its AI-driven stock surge meets upcoming earnings. The company's shares have gained over 235% in 2026, fueled by soaring demand for AI servers and infrastructure. Evercore ISI analyst Amit Daryanani maintains an Outperform rating with a $550 price target ahead of Dell's Sept. 1 results. In its last report, Dell booked $24.4 billion in AI orders, made $16.1 billion in AI server revenue, and ended with a record $51.3 billion backlog. Evercore expects Dell to exceed Wall Street's fiscal second-quarter projections and raise its fiscal 2027 forecast, with strong spending from AI customers like CoreWeave and SpaceX potentially boosting demand. However, after such a significant surge, even meeting expectations may not suffice, and Dell must demonstrate that AI demand is robust enough to sustain revenue and outlook.
SpaceX Stock Climbs as Musk Targets 2027 Launch for Nvidia AI Satellites
SpaceX shares climbed 3% on Tuesday after Elon Musk outlined plans to begin deploying AI-focused satellites in late 2027. The first spacecraft are expected to use Nvidia technology, with Musk projecting that the orbital computing system could reach substantial scale during 2028. SpaceX has also sought approval from the Federal Communications Commission to deploy as many as 1 million satellites equipped for AI workloads. Nvidia was selected earlier this month as the exclusive technology supplier for SpaceX's planned orbital computing infrastructure, with its Vera central processing units expected to provide computing capacity for Grok and future AI agent systems.
SpaceX, Tesla, Intel Break Ground on $16.8 Billion Texas Chip Fab
SpaceX, Tesla, and Intel have broken ground on the Terafab, the world's largest vertically integrated chipmaking factory in Grimes County, Texas. The initial phase will cost $16.8 billion, with total costs across all phases potentially surpassing $119 billion. The 100-million-square-foot facility is expected to meet SpaceX and Tesla's projected computing demand of more than 1 terawatt per year. SpaceX and Tesla will fund construction, while Intel will support development with its licensed chipmaking process and foundry operations. Approximately 75% of the chips will go to SpaceX's orbital data centers and satellite constellations, with the remaining 25% powering Tesla's Optimus robots, self-driving vehicles, and Cybercabs. Texas is supporting the project with a $30 million grant and tax abatements. SpaceX's capex surged more than sixfold year over year in the second quarter of 2026, from $2.8 billion to $18.4 billion, with $15.8 billion allocated to expanding its AI business.
SpaceX Rises 3% as Musk Pulls Orbital Data Center Launch Into 2027
SpaceX stock climbed 3% to $139.06 midday Tuesday after Elon Musk said the company's first orbital data center launch would move up to the fourth quarter of 2027, a year earlier than previously planned. JPMorgan analyst Doug Anmuth maintained an Overweight rating and a $240 price target on SpaceX, implying roughly 75% upside from current levels. Musk said the space-optimized Vera Rubin NVL72 system is being co-designed with NVIDIA for orbital deployment, with significant scale expected in 2028. JPMorgan also said it is increasingly positive on Grok following SpaceX's $60 billion acquisition of AI coding platform Cursor, which is expected to close in the third quarter of 2026. The move was a single-name repricing rather than a sector rotation, as the Procure Space ETF rose just 0.1% and peers like Rocket Lab and AST SpaceMobile did not participate.
Dick's Sporting Goods Slumps on Lowered Outlook; Apple Readies Mac Mini Revamp
Dick's Sporting Goods shares are plummeting after the retailer lowered its full-year outlook amid weakness at its recently acquired Foot Locker unit. Apple shares are slightly lower as the tech giant prepares to launch a new version of its Mac mini desktop computer for the first time in almost two years, according to people familiar with the matter. SpaceX shares are higher in the premarket after Elon Musk said the company's first AI satellites, powered by Nvidia chips, will initially launch in the fourth quarter of next year and hit significant scale in 2028.
SpaceX pulls forward orbital data center launch to Q4 2027
SpaceX CEO Elon Musk said the company, in partnership with Nvidia, has designed a space-optimized Vera Rubin NVL72 system for launch to orbit in Q4 next year, with significant scale in 2028. The new timeline moves the first launch of AI-powered orbital data centers forward from a previous 2028 target to the fourth quarter of 2027, with volume launches expected in 2028. The announcement follows Monday's news that SpaceX and Nvidia would deploy NVIDIA Vera processors to power next-generation agentic AI. JPMorgan analyst Doug Anmuth wrote that from 2029 on, SpaceX is expected to pursue orbital compute toward roughly 75 gigawatts by the end of 2031 at a significantly cheaper cost than on Earth. SpaceX's Starship rocket, still in testing, is slated to carry the satellites into space.
Nvidia Lands Major SpaceXAI Deal to Power Next-Gen AI Systems in Orbit
Nvidia announced that SpaceXAI will use its Vera CPUs as the AI company expands computing infrastructure for next-generation agentic applications. SpaceXAI, the former xAI business now operating within SpaceX, plans to build additional capacity around Nvidia's Vera Rubin platform supporting its Grok chatbot. The companies also intend to adapt the Vera Rubin NVL72 system for orbital computing through SpaceXAI's first-generation Starmind satellite. The partnership focuses on workloads in which AI agents need to coordinate software tools, execute code, analyze information and run simulations between model interactions. SpaceXAI expects its infrastructure footprint to grow toward gigawatt-scale capacity, and Nvidia said the common Vera Rubin architecture could allow that computing system to extend beyond conventional data centers and support future operations in space.
SpaceX, AST SpaceMobile, Rocket Lab Fall Despite Trump Launch Memo
SpaceX, AST SpaceMobile, and Rocket Lab shares fell on Monday despite President Trump's memo targeting at least 1,000 launches and re-entries annually by 2030. SpaceX stock dropped 3% to $133.48, AST SpaceMobile fell 3% to $66.85, and Rocket Lab slipped 2% to $71.22, while the Procure Space ETF declined just 0.4% to $45.75. Rocket Lab CFO Adam Spice said a successful Neutron test launch would flip the company to meaningfully adjusted EBITDA positive the following quarter, but CEO Peter Beck warned the window for an end-of-year launch is narrowing. The memo directs agencies to identify federal land for new launch and re-entry sites, name a new federal re-entry site within 90 days, expedite permitting, speed environmental reviews, and secure wireless spectrum.
President Donald Trump signed a memo Thursday directing federal agencies to dramatically ramp up commercial rocket activity, setting a target of at least 1,000 launches and re-entries annually by 2030, according to Reuters. Last year's total sat at 178 launches, already 10 times the 2013 figure, so reaching 1,000 would mean roughly a fivefold jump from current levels. The memo directs agencies to look at federal land for new launch and re-entry sites, calls for a new federal re-entry site to be identified within 90 days, and tells officials to expedite permitting, speed up environmental reviews, and secure adequate wireless spectrum for launches. SpaceX carried out 170 launches in 2025 and deployed about 2,500 satellites, and the company said in January it wants to eventually field a constellation of one million satellites to help power AI data centers from orbit, while the FAA's chief said in May that SpaceX aims to hit 10,000 annual launches within five years. Rocket Lab offers a smaller but growing alternative and could see incremental launch volume as agencies push to diversify beyond a single dominant provider. White House Office of Science and Technology Policy Director Michael Kratsios framed the memo as a commercial-first approach, pairing the launch targets with a broader lunar and Martian push, and Trump wants American astronauts back on the moon by 2028 with initial Moon Base elements by 2030.
Cathie Wood's Ark funds bought 205,031 shares of SpaceX on Aug. 21, worth about $28.1 million based on the latest closing price of $136.97. SpaceX is now the third-largest holding in the Ark Innovation ETF at 5.64% of the portfolio. The purchase follows SpaceX's first earnings report since its IPO, which showed second-quarter revenue of $7.81 billion, up 92% from a year earlier and above the $6.93 billion analysts expected. SpaceX shares have rebounded 22% through Aug. 22 after falling 13.6% on Aug. 5 amid concerns over a sixfold jump in capital expenditures to $18.4 billion, mostly for AI.
SpaceX Beats Revenue Estimates but Stock Falls on AI Spending Surge
Space Exploration Technologies beat Wall Street revenue estimates in its first earnings report since its record June IPO, but shares fell as much as 8% in extended trading as capital expenditures soared past expectations. Revenue came in at $7.81 billion, up 92% from a year earlier and above the $6.93 billion analysts expected, while the company lost 9 cents a share versus an expected 26 cents. Capital spending jumped more than sixfold to $18.4 billion, with $15.8 billion going to AI alone, more than double the prior quarter and above the $13.22 billion analysts expected. CEO Elon Musk pledged SpaceX would build its AI data centers exclusively with Nvidia chips, sending Nvidia shares up about 2% even as SpaceX's own stock fell. Starlink revenue rose 66% to $4.29 billion with operating income of $1.66 billion, while AI revenue surged roughly 250% to $2.56 billion, and CFO Bret Johnsen said AI capital deployment is already generating less than a one-year payback.
X Considers Introducing Stablecoins for Creator Payments
X, the social media platform formerly known as Twitter and led by Elon Musk, is exploring the use of stablecoins to pay creators and content providers. According to a CoinDesk report citing people familiar with the matter, X is in discussions about potentially using USD Coin, a US dollar-pegged stablecoin issued by Circle, among others, as a means of paying royalties for content posted by influential users. The discussions are ongoing, and the sources said they are also involved with other social media platforms that are testing stablecoins as a payment method for influencer rewards. X did not comment to CoinDesk at this time. The stablecoin market has grown to a market capitalization exceeding 300 billion dollars, and is gaining prominence as a blockchain-based payment method. Among Musk's related companies, stablecoin adoption is already advancing, with SpaceX, which operates the satellite internet service Starlink, reportedly using stablecoins for cross-border payments from customers in some emerging markets. In March, X also brought on Benji Taylor, who has experience in the crypto asset industry, as head of design. He previously led the design team for Base, Coinbase's layer 2 network, and is known for his work in wallets and decentralized finance.
SpaceX stock slips as 319 million new shares come to market
SpaceX stock slipped and fell back to its IPO price as another share unlock hit the public float. Around 319 million shares held by early employees and investors become eligible to trade on Thursday, the Day 70 tranche in a staggered lockup that will release about 88% of SpaceX's 13 billion shares through 2027. SpaceX shares fell nearly 5% in early trade, dropping below its $135 IPO price. The stock withstood a big unlock earlier this month, when up to 911.5 million shares became tradable and the stock rose 6%. Larger supply tests are still coming, with a 1.3 billion-share tranche set to unlock around SpaceX's third quarter earnings in early November, followed by the 180-day expiry in December, while CEO Elon Musk's 6.42 billion shares stay locked until June 2027. In other SpaceX news, reports suggested the company was in talks to acquire Cognition, an AI company that features a coding agent called Devin, but both Cognition and CEO Elon Musk denied the report. The report comes after SpaceX just closed its $60 billion purchase of Cursor, another AI coding company, and Wall Street analysts including Deutsche Bank's Edison Yu are bullish on the Cursor deal, with Yu upping the team's full-year EPS estimate by 11% and its overall revenue projection by 1%.
SpaceX approached AI coding startup Cognition about acquisition
SpaceX approached AI coding startup Cognition AI Inc. about a possible purchase, according to a Bloomberg report citing people familiar with the matter. Cognition did not engage with the takeover approach, one of the people said, though there are ongoing talks about working together, including possibly arranging for Cognition to use SpaceX's computing capacity. Cognition was valued at $26 billion in a funding round in May and has been in early discussions with investors for funding at a valuation of at least $40 billion. Cognition CEO Scott Wu said in a social media post that his company is not for sale and hasn't been talking. SpaceX completed its $60 billion purchase of Cursor on Friday.
Amazon is adding SpaceXAI's latest Grok model to Bedrock as competition for enterprise AI customers continues to heat up. Grok 4.6 is now generally available to developers in supported AWS regions, SpaceXAI said. Amazon Bedrock enables customers to access and deploy third-party AI models without having to build the underlying infrastructure themselves. Adding Grok provides AWS users with another option, on top of the growing list of models already available from the platform. For SpaceXAI, the bigger win is dissemination, as AWS could be an opportunity to get Grok in front of enterprise developers and turn model improvements into real commercial usage, not just consumer attention.
SpaceX is focusing on AI monetization efforts to spur its growth engine, aiming to evolve into a vertically integrated AI infrastructure company by combining advanced AI models, large-scale computing capabilities and satellite connectivity under one umbrella. The company recently contracted $6.7 billion of cloud-services revenue over six months beginning in October, and its pending $60 billion Cursor acquisition is expected to close in the third quarter of 2026, adding enterprise software distribution and engineering integration. Management believes the deal supports a path to more than $100 billion of annualized revenue run rate by December 2026. SpaceX also plans to deploy AI compute satellites as early as 2028, effectively creating space-based data centers, while continuing to expand its Colossus data center platform. The stock has plunged 10.9% since its IPO against the industry's growth of 118.8%, and trades at a forward price-to-sales ratio of 23.31, above the industry tally of 8.04.
SpaceX Spent $18.37 Billion on Capital Projects Last Quarter
SpaceX spent $18.37 billion on capital projects in the second quarter, 2.4 times its revenue of $7.81 billion. The company ended the quarter with $93.5 billion of cash and equivalents, up from $24.7 billion at the end of last year, after its June initial public offering raised about $85.7 billion in net proceeds and a debut bond sale raised $25 billion more. Of the latest capital spending, $15.83 billion went to artificial intelligence infrastructure, while rockets and satellites accounted for about $2.5 billion combined. At the second quarter's pace, the cash balance covers about five quarters of capital projects, stretching to just under six when adding current operating cash flow. SpaceX expects to reach a $100 billion annualized revenue run rate by the end of the year, and its stock trades around $146, valuing the company near $1.9 trillion.
SpaceX Targets $100 Billion Revenue Run Rate by December
Space Exploration Technologies Corp. set an aggressive target of a $100 billion annualized revenue run rate by December, more than tripling its current run rate of just over $30 billion. Deutsche Bank mapped out the deals that could get SpaceX there, including its neocloud business with Anthropic generating $1.6 billion in second-quarter revenue and a Google agreement worth up to $920 million a month starting next month. A new $6.7 billion six-month deal, possibly with the U.S. government, and the pending acquisition of AI coding startup Cursor, whose annualized revenue grew from $2 billion in February to $4 billion by early June, are also key. Deutsche Bank estimates the compute deals alone could make $45 billion to $50 billion in annualized revenue exiting December, but reaching the target requires heavy spending, with capital costs estimated at $120 billion to $320 billion and over $100 billion in new debt expected next year.
KeyBanc analyst Michael Leshock expects SpaceX to raise about $325 billion of additional capital over the next 18 to 24 months to fund its AI compute buildout. He estimates cumulative capital of $250 billion to $300 billion by end of 2027 for 6 to 7 gigawatts of capacity, versus an industry benchmark of about $50 billion per gigawatt. SpaceX reported second quarter capital expenditures of $18.4 billion, well above analyst estimates of around $6 billion, and holds roughly $100 billion in cash. About 80% of sell-side analysts rate SpaceX a Buy or Strong Buy, and BofA analyst Ronald Epstein said he is more positive on SpaceX's positioning across key markets following the second quarter.
NVIDIA Takes $21 Billion SpaceX Stake as Musk Commits Exclusively to Its GPUs
NVIDIA has disclosed a $21 billion equity position in SpaceX, cementing a partnership in which Elon Musk's company will use NVIDIA GPUs exclusively for its AI buildout. The stake was revealed in NVIDIA's Q2 13F filed August 14, 2026, showing roughly 122.8 million SpaceX shares. On August 4, Musk committed SpaceX to NVIDIA chips and set a target of 10 gigawatts of AI compute by the end of 2027, up from 1.4 gigawatts today, at an estimated cost of around $500 billion. NVIDIA then announced on August 10 a Compute Infrastructure Financing Platform with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to mobilize over $500 billion in third-party capital, with NVIDIA backstopping up to 25% of project costs. Jensen Huang projects AI infrastructure spending to surge from $800 billion today to between $3 trillion and $4 trillion annually by decade's end.
Number of tokenized equity holders doubles in one month
The number of tokenized equity holders more than doubled over the past month, reaching 1.31 million. According to RWA.xyz, monthly transfer volume also surged roughly 179 percent to 23.13 billion dollars, or about 3.701 trillion yen at 160 yen to the dollar, while monthly active addresses rose 34.62 percent to about 572,000. Meanwhile, the circulating value of tokenized equities stood at about 2.38 billion dollars, or about 381 billion yen, up only 5.9 percent over the month. By platform, Ondo Finance led with about 872 million dollars, or about 139.5 billion yen, followed by Kraken's xStocks at about 558 million dollars, or about 89.2 billion yen, and Binance's bStocks at about 522 million dollars, or about 83.5 billion yen. Driving the growth was SpaceX, whose tokenized shares on Binance expanded to about 68 billion yen, or about 425 million dollars, after its listing on June 12.
SpaceX Lock-Up Schedule Could Release 6 Billion Shares Before Musk Can Sell
SpaceX's IPO lock-up schedule will make nearly 6 billion additional shares eligible for sale over the next year, before CEO Elon Musk's own 366-day lock-up expires on June 12, 2027. The company went public on June 12, selling 638.9 million shares at $135 and raising a record $85.7 billion. Musk holds more than 6 billion combined Class A and Class B shares, about 42% of the company by value, and cannot sell until June 2027. Early investors and employees face staggered releases, with the first unlock of about 912 million shares already occurring on August 6, and subsequent tranches scheduled through mid-2027. By spring 2027, roughly 10 times as many shares will be eligible for sale as were sold in the IPO, and by mid-June 2027, that figure rises to 20 times.
Goldman says space is becoming an institutional asset class
Goldman Sachs says space is becoming an institutional asset class as falling launch costs and rising private investment reshape the orbital economy. The firm forecasts the global space-based economy will reach $1.8 trillion by 2035, with more than $55 billion invested in 2025 and a record $36 billion in the first quarter of 2026. Since the start of 2025, aerospace companies have raised $89 billion through IPOs, including Firefly's roughly $999 million listing, York Space Systems' roughly $629 million raise, HawkEye 360's roughly $478 million raise, and SpaceX's record $86 billion IPO. Goldman says public-market funding is critical because the next stage of space industrialization will require large upfront investment in launch capacity, satellite factories, lunar infrastructure, and data platforms.
MDA Space's first eight Globalstar satellites launched on SpaceX Falcon 9
MDA Space Ltd. confirmed the successful deployment of the initial eight replenishment satellites for Globalstar Inc.'s low Earth orbit constellation. The satellites, developed and fully integrated and tested in Montréal, were launched on Saturday, Aug. 15, 2026, at 9:12 p.m. ET aboard a SpaceX Falcon 9 rocket from Space Launch Complex 40 in Cape Canaveral, Florida, and will now undergo in-orbit tests as part of the commissioning phase. This marks the first time MDA Space has delivered LEO satellites as a prime contractor for commercial communications constellations. The remaining nine satellites on order are in the final stages of integration at MDA Space, and once fully operational they will enable Globalstar to extend the life of its existing constellation supporting direct-to-device satellite-enabled services and IoT applications.
ASEAN This Week: Thailand and Myanmar Continue Gas Contract Talks, Singapore Raises GDP Forecast
This week in ASEAN, Thailand and Myanmar are deepening energy cooperation by discussing the renewal of a gas purchase agreement from existing sources and studying investment in new petroleum fields such as A6, while preparing a new memorandum of understanding covering exploration, production, gas trading, and power grid interconnection. Meanwhile, the Philippine central bank has not ruled out further interest rate hikes even though the latest quarterly GDP grew only 2.3 percent, the lowest in ASEAN. Singapore has raised its 2026 GDP forecast to 4.5 to 5.5 percent from the previous 2 to 4 percent, supported by global AI investment that helped the manufacturing sector expand 12.5 percent. The Philippines plans to borrow about 3.3 trillion pesos, or 54 billion dollars, in 2027, equivalent to 46 percent of the budget, to stimulate the economy. At the same time, SpaceX's Starlink has begun accepting orders for satellite internet service in Vietnam, with starting fees of 1.13 million dong, or about 43 dollars per month. Vietnam's central bank also warned that a funding gap of about 76.8 billion dollars could pressure liquidity, interest rates, and the currency.
SpaceX CEO Musk Projects $1 Trillion Revenue by 2030
SpaceX CEO Elon Musk expects the company to reach $100 billion in annual recurring revenue by the end of this year and $1 trillion in revenue by 2030, a more than 50-fold increase from the $18.7 billion generated in 2025. The growth is expected to come mainly from AI data center sales, with capital expenditures of $19 billion last quarter largely attributable to building data centers for AI. Musk said the company has signed deals with Alphabet and Anthropic that could get ARR to $100 billion by December, and he expects to bring on 15 to 20 gigawatts of electric power capacity for current and future AI data centers by the end of next year. SpaceX trades at a market cap of $1.9 trillion, and the article notes that in an ultra-bullish scenario the $1 trillion in cloud computing revenue could translate into hundreds of billions in earnings, but investors should be skeptical of Musk's projections given his history of missed deadlines.
SpaceX stock could reach roughly $220 by June 2027, representing about 50.5% upside from its August 12 closing price, according to an analysis by The Motley Fool. The company's second-quarter revenue surged 92% year over year to $7.8 billion, while adjusted EBITDA rose 191% to $3.5 billion. Analysts now expect SpaceX to generate roughly $102 billion in revenue in 2027, up from about $72 billion at the end of July 2026. The connectivity segment, which includes Starlink, generated $4.3 billion in revenue and $1.7 billion in operating income in the second quarter, with Starlink subscribers doubling year over year to 12 million. SpaceX's AI business grew even faster, with revenue rising almost 247% year over year to $2.6 billion, though it posted a $1.3 billion operating loss and the company spent $15.8 billion on AI capital expenditures in the quarter. Analysts at Goldman Sachs and Morgan Stanley project SpaceX could generate around $160 billion in revenue and $110 billion in adjusted EBITDA in 2028. Assuming 13.7 billion shares outstanding at the end of June 2027 and an 18.9 times expected 2027 sales multiple, SpaceX's market value would reach about $3 trillion, implying a stock price of roughly $220. The biggest risk is SpaceX's enormous capital spending, which reached $18.4 billion in the second quarter, more than twice its revenue.
SpaceX reported its first quarterly earnings as a public company, with AI-related capital expenditures doubling sequentially to $15.8 billion. CEO Elon Musk said the company's rocket engineering expertise gives it a competitive advantage in building data centers, and CFO Bret Johnsen stated new compute deployments are achieving less than one-year payback. By contrast, Amazon CEO Andy Jassy said AWS data center capital takes two years before servers can be monetized and nearly three years to break even on servers and networking equipment. The article notes skepticism about whether SpaceX can scale this efficiency, as its current compute capacity partly relies on existing infrastructure and a contract with Alphabet that could end once Alphabet builds its own capacity.
SpaceX has officially completed its acquisition of AI coding startup Cursor, according to an announcement on the Cursor blog. The deal, first announced in April, gave SpaceX the option to acquire Cursor for $60 billion, and the companies confirmed they were moving forward with the acquisition two months later when SpaceX became a public company. Cursor said the merger gives it access to the largest fleet of GPUs in the world through SpaceX's computing infrastructure, which SpaceX has been renting out to customers including Anthropic and Google. SpaceX also acquired Elon Musk's xAI earlier this year.
AMD's $565 Million SpaceX Stake Is a Financial Bet, Not a Chip Deal
Advanced Micro Devices disclosed a roughly $565 million stake in SpaceX, even though Elon Musk has said the company's AI infrastructure will be built exclusively on Nvidia chips. The position, about 3.3 million Class A shares, was revealed in a 13F filing after SpaceX's June IPO priced 555.6 million shares at $135 each. AMD's stake is tiny compared with its approximately $840 billion market capitalization, and the company's real investment thesis rests on its data-center growth, including record quarterly revenue of $11.5 billion, up 50% year over year, and a 107% jump in data-center revenue to $6.7 billion. The SpaceX investment appears to be a financial bet on the company's broader expansion in Starlink, satellite manufacturing, and launch services rather than an attempt to win AI-chip orders.
Nvidia's $10 Billion xAI Bet Becomes $21 Billion SpaceX Stake
Nvidia disclosed a roughly $21 billion stake in Elon Musk's SpaceX at the end of the second quarter, a position that traces back to its $10 billion investment in xAI's Series E round in January. SpaceX acquired xAI in an all-stock deal valued at $1.25 trillion in February, converting Nvidia's xAI shares into approximately 122.8 million SpaceX Class A shares. At SpaceX's June 30 closing price of $170.86, the stake was worth $21 billion, making it Nvidia's second-largest disclosed equity position behind its Intel holding. Musk said on SpaceX's first earnings call that the company will build its AI data centers exclusively on Nvidia chips, citing the Vera Rubin architecture. Intel and SpaceX together accounted for almost 80% of Nvidia's disclosed stock portfolio, though both positions have since declined in value.
Alphabet's SpaceX Stake Valued at $94 Billion After IPO
Alphabet's 2015 investment in SpaceX has grown to a $94 billion stake following the rocket company's blockbuster IPO. The $900 million investment in SpaceX's series F round gave Alphabet 551.2 million shares, valued at $94.2 billion based on the June 30 closing price of $170.86. Alphabet is now one of the largest institutional shareholders in Elon Musk's company, though its position is smaller than Gigafund Management's 171.8 million shares and Fidelity Investments' 302.6 million shares. Musk himself holds 48.4% of the company with voting control well above that. The stake functions as a hidden asset outside Alphabet's core advertising and cloud businesses, representing a scale of paper gain few strategic corporate investments have ever produced.
Tesla-SpaceX Merger Could Unlock Musk's $1 Trillion Pay Package
A potential merger between Tesla and SpaceX has sparked debate among Wall Street analysts, with The Wall Street Journal reporting that a loophole in Musk's $1 trillion pay package could allow him to unlock huge equity payouts if Tesla acquires or merges with SpaceX. SpaceX's Q2 2026 revenue surged 92% year-over-year to $7.8 billion, with adjusted EBITDA up 191% to $3.5 billion, while Tesla's operating income plummeted 57% to $398 million, crushing operating margins to 1.4% and turning free cash flow negative at -$1.09 billion. Hedge fund data shows institutional participation in SpaceX remains concentrated among specialized investors, while Tesla hedge fund holdings declined from 137 funds in Q4 2025 to 123 funds in Q1 2026. Investors should watch whether Tesla can stabilize margins and restore positive free cash flow, and track board proxy disclosures for any structural moves toward a combined entity.
SpaceX to Attempt Catching Returning Starship This Month
SpaceX plans to attempt catching a returning Starship upper stage with its launch tower for the first time this month. CEO Elon Musk said on the company's Aug. 4 earnings call that Flight 14, tentatively scheduled for late August, will try the catch pending regulatory approval. The flight is also set to deliver the first Starlink V3 satellites to a working orbit. Starlink's connectivity business produced $4.3 billion of revenue last quarter, the only SpaceX segment operating at a profit.
Ron Baron predicts SpaceX could reach $40 trillion valuation
Ron Baron, founder of Baron Capital, said SpaceX could be worth $40 trillion in the next 10 to 15 years. Speaking on The Compound and Friends podcast, Baron said the company could command a valuation between $20 trillion and $40 trillion, and when asked if it would become the world's biggest company, he answered yes. Baron bases the forecast on Starlink scaling to $1 trillion in annual revenue within a decade, space-based AI data centers, and Starship cutting launch costs from about $1,500 per kilogram to roughly $150 per kilogram. Baron Capital has invested about $2 billion in SpaceX across 27 private transactions since 2017, with the stake now worth roughly $25 billion and representing more than a third of the firm's $70 billion in assets. SpaceX went public on June 12 at $135 a share, and on Aug. 12 the stock closed at $149.18, up 11.93% on the day, after reporting second-quarter revenue of $7.81 billion, above the $6.93 billion analysts expected.
Gina Rinehart, Australia's richest person, bought 8 million shares of Elon Musk's SpaceX in the second quarter, a stake worth $1.37 billion as of June 30, according to a regulatory filing Friday. The Space Exploration Technologies Corp. holding, held by her investment firm Hancock Prospecting, is her single biggest position. She also bought exchange-traded funds tracking the S&P 500 worth about $260 million at quarter-end, boosted holdings in several defense and energy stocks, and doubled her stake in Trump Media & Technology Group Corp. Taken together, she held $5.71 billion of US-traded securities at the end of June, a 72% increase from the previous quarter. Rinehart, 72, said in June that she made a significant investment in SpaceX in connection with its June 12 initial public offering, without specifying its size.
Norway Government Fund Concerned About Weakening Shareholder Rights, Urges Checks on Special Voting Rights
Carine Smith Ihenacho, chief governance and compliance officer at Norway's government pension fund, expressed concern that shareholder rights are being gradually eroded by regulatory and institutional changes favoring insiders such as company founders in major global markets. She noted that shareholder rights are weakening in many markets including the United States, the United Kingdom, Europe, and Hong Kong, and cited dual-class share structures, which issue two classes of shares with different voting rights to give founders and insiders more voting power, as a primary concern. She also said some authorities are easing corporate reporting obligations or narrowing avenues to sue companies and boards, and that she worries this situation will spread further. Nicolai Tangen, chief executive officer of the fund, pointed to intensifying competition among stock exchanges behind this trend, saying that fierce competition for initial public offerings has led exchanges to tolerate measures that deviate from traditional practices. Smith Ihenacho said that even when special voting rights are granted to founders, sunset clauses that expire those rights after a certain period and other safeguards are important, and that the fund is urging stock exchanges, regulators, and companies to make corrections. Norway's government fund holds on average 1.5 percent of all listed companies worldwide, and at SpaceX, the U.S. space development company that recently conducted an IPO, Elon Musk holds more than 80 percent of voting rights, raising concerns about corporate governance and the rights of outside shareholders.
Elon Musk holds 48.4% of SpaceX, commanding 82% of voting rights
Elon Musk disclosed that he held a 48.4% stake in SpaceX as of June 30, 2026, worth more than 900 billion dollars, according to a regulatory filing on Thursday, August 13. Musk held roughly 6.42 billion shares in total and had sole power to vote and make decisions on those shares. Although SpaceX went public on June 12, 2026 through an initial public offering that raised 85.7 billion dollars, and its market value soared above 2 trillion dollars, Musk still commands more than 82% of voting rights through multiple share classes: 849.5 million Class A shares held through a trust, another 3.92 billion Class B shares held through that trust, 1.30 billion restricted Class B shares held directly, and another 350 million Class B shares obtainable through stock options. The disclosure underscores that Musk remains the largest shareholder with absolute control of the company, even as SpaceX shares have swung sharply since listing, falling nearly 33% through the end of July before surging about 30% in August after the company reported its first quarterly results, with revenue up more than 90% and capital spending rising sharply to support the expansion of its Starlink satellite business.