SpaceX (NASDAQ:SPCX | SPCX Price Prediction) shares are trading less like a newly public industrial company and more like a squeeze gathering force.
Elon Musk used a recent SpaceX town hall, posted to the company's X profile, to reset expectations for what Starlink is actually trying to become.
Elon Musk reframed how investors should think about the company at a SpaceX all-hands meeting, telling employees that artificial intelligence revenue is on track to exceed every other line of the space business as soon as September 2026.
Short interest in SpaceX fell to about 11% of the company's publicly traded shares Wednesday, according to S3 Partners. That's down from a peak of 34% last week.
SpaceX stock (SPCX) rose around 7% on Wednesday after CEO Elon Musk outlined ambitious plans for artificial intelligence and discussed Starlink and the company's longer-term future during an all-hands meeting with employees. The stock rose to $142.62 after closing Tuesday down 3.9% at $133.29, putting shares back above their $135 IPO price.
As Space Exploration Technologies Corp. (NASDAQ: SPCX) stock neared its IPO (initial public offering) price on August 12, Norway's Government Pension Fund Global (GPFG), which is managed by Norges Bank Investment Management (NBIM), disclosed a stake in SpaceX on Tuesday.
SpaceX (SPCX) is rapidly transforming from a rocket and connectivity company into a high-growth AI compute provider, but the market appears to be in disbelief. AI revenues reached $2.6B in Q2, up 247% YoY, and are projected to become SPCX's dominant revenue stream by Q3, signaling a fast-growing hockey stick inflection. SPCX could achieve 10 GW compute capacity by end-2027, and potentially generate in excess of $300B in AI revenue run rate by end of FY2027.
Although most Wall Street veterans have learned to tune out billionaire projections that sound like science fiction, Ron Baron just made one worth listening to.
SpaceX has become the latest tech giant to say it will use employee data to improve its AI models. Elon Musk told SpaceX staff in an all-hands that Grok will be trained on internal data.
It launched 24 Starlink satellites to low-Earth-orbit from Vandenberg Space Force Base on Tuesday night.
Shares of SpaceX (NASDAQ:SPCX | SPCX Price Prediction) are down 5% midday Tuesday to $131.78, unwinding much of last Friday's Argus-driven pop.
SpaceX stock (SPCX) fell sharply on Tuesday after a three-day rally pushed the stock back above its $135 initial public offering price. The stock fell around 5% to $131.94 in afternoon trading.