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- SpaceX Just Became an AI Company. The Numbers Prove It.
SpaceX reported third-quarter revenue up 161% year over year to $14.6 billion and net income of $4.4 billion, making it profitable. Its AI segment, now called 'super intelligence (SI),' generated $7.6 billion in revenue, up 830% year over year and 195% sequentially, making it just over half of sales and the largest revenue source. Connectivity remains the most profitable segment with $2.4 billion in operating income, versus $431 million for SI, which lost $1.26 billion last quarter. SI accounted for $16.4 billion of the company's $19.6 billion in Q3 capital expenditures, but the results should ease concerns that it is a money pit, as cloud agreements with Alphabet and Anthropic and $608 million of Cursor revenue since its August acquisition show the investments are paying off. The author notes the stock remains richly valued.
- Why Did SpaceX Stock Soar Today?
SpaceX (SPCX) reported quarterly results for only the second time as a public company, with total revenue of $14.6 billion, up 161% year over year and nearly $2 billion above analyst expectations. The standout was its AI business, now called SI for superintelligence, which accounted for more than half of revenue in the latest quarter and generated about $430 million in net income after being unprofitable in the second quarter. Starlink subscriptions rose from 12 million to 13.6 million over the same period. SpaceX expects first-quarter 2027 revenue of $33 billion to $37 billion, versus $22.2 billion forecast by analysts. Shares were up 11.9% as of 10:10 a.m. ET, and the article suggests the recent $2.1 trillion valuation could look cheap if these trends continue.
- SpaceX Bulls Rejoice: JPMorgan Sees 209% Upside
JPMorgan analyst Doug Anmuth more than doubled his SpaceX (SPCX) price target to $500 from $240 on Oct. 21, implying 209% upside, even though the stock is still well below its June 16 high. Third-quarter revenue rose 161% to $14.6 billion, and SpaceX swung to $4.4 billion of net income from a $1.1 billion loss, with first-quarter 2027 revenue guided to $33 billion–$37 billion. Analysts' 2027 EPS estimate has risen to $2.25 from $0.65 three months ago, yet $500 equals 222x that figure, versus a consensus target of $223 as of Oct. 20. The article calls the target plausible but stretched, holding only if the annual recurring revenue forecast from CEO Elon Musk materializes, with capex of $19.6 billion in the third quarter and $35–40 billion expected in the fourth as key risks.
- SpaceX Investors, Mark Your Calendars: A Massive Stock Lockup Expiration Is Coming
SpaceX (SPCX) became the largest IPO on record in June and has been highly volatile since, reaching highs of about $225.64 and lows of $104.83. The company has already gone through six lockup expiries, and the stock has climbed about 27% since Aug. 6. The largest single-event expiry is approaching: 1.3 billion new shares become eligible for sale two full trading days after the third-quarter earnings report (scheduled for Oct. 20), with another 328 million unlocking on Oct. 24. The article says the share price will depend heavily on Q3 results, but argues that valuation at 200 times forward earnings leaves the company little room for error.
- 35 Analysts Cover SpaceX. Here's Why Their Price Targets Have Almost Nothing to Do With Rockets.
According to TipRanks, 35 analysts set 12-month price targets for SpaceX (SPCX) ranging from $75 to $450, with an average of $217, nearly 50% above the stock price at the time of writing. Morgan Stanley assigns just $8 per share to the external launch business, versus $118 for Starlink connectivity and $165 for enterprise AI. In Q2, the Space segment generated $962 million in revenue and a $542 million operating loss, and 28 of the 38 launches were internal missions. The Connectivity segment earned $1.66 billion in operating income on $4.29 billion of revenue, while AI revenue rose nearly 247% to $2.56 billion but posted a $1.26 billion operating loss. The wide valuation gap reflects uncertainty over AI, where one customer accounted for 19.5% of consolidated revenue and cloud contracts can be terminated with 90 days' notice.
- Is SpaceX Stock Cheap? 1 Wall Street Analyst Thinks So.
SpaceX (SPCX) has seen its price-to-sales ratio fall from about 100 times trailing 12-month sales at its June public debut to 68 times now, after sales rose 92% in Q2 2026, its first report as a public company. Growth came from its rocket-launch, Starlink and xAI segments, which rose 55%, 32% and 213%, but only Starlink is profitable and the company posted a net loss of $541 million. Morgan Stanley analyst Adam Jonas calls the stock “Cheap and Getting Cheaper,” citing 30 times 2028 expected profit versus a median of 16 for big tech, and a growth-adjusted ratio of 0.3 versus a 0.5 median for large caps. He sets a $300 target against today’s $162 price, while Raymond James’ Brian Gesuale sees $800. The article cautions that expected growth is uncertain and that SpaceX remains expensive and risky on standard measures.
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