TLDR
- SpaceX stock surged as much as 11% on Wednesday after Musk said AI revenue could top all other business lines as early as next month
- The rally followed Morgan Stanley reiterating a Buy rating and $300 price target on SPCX
- Norway’s $2.3 trillion sovereign wealth fund disclosed a 0.05% stake in SpaceX worth around $1.2 billion
- NBIM posted a record half-year profit of $184 billion, driven by Asian tech stocks
- Wall Street has a Moderate Buy consensus on SPCX with an average price target of $231.15, implying 58% upside
SpaceX stock jumped as much as 11% on Wednesday, closing up around 9.65%, after the company posted a recording of an internal all-hands meeting on X. In the clip, Elon Musk told employees that AI revenue could surpass every other part of the business as early as September.
Space Exploration Technologies Corp., SPCX
Musk described AI work inside SpaceX as “an extremely important part” of the company. He said the models would be trained on SpaceX’s own data and told staff they were “the parents of the AI.”
He also projected that AI revenue would “far exceed” the rest of the business in the fourth quarter.
The stock got an extra boost from Morgan Stanley analyst Adam Jonas, who kept his Buy rating and $300 price target on SPCX. Jonas argued that SpaceX’s AI platform is being undervalued by the market.
He said investors are pricing SpaceXAI at levels below what standalone neocloud companies receive, based on a sum-of-the-parts analysis.
Jonas described the platform as more than a cloud service, pointing to a stack that combines real-time data, compute, connectivity, and intelligence. He said investors are giving it “near zero credit” today.
He also flagged upcoming AI model updates, including new versions of Grok and progress on the Cursor acquisition, as near-term catalysts.
Norway’s Sovereign Wealth Fund Reveals SpaceX Stake
Wednesday also brought news from Norway’s Norges Bank Investment Management (NBIM), which manages the world’s largest sovereign wealth fund at $2.3 trillion. The fund disclosed a 0.05% stake in SpaceX worth approximately $1.2 billion.
NBIM posted a record first-half profit of $184.9 billion, driven largely by a rally in Asian technology stocks. The fund returned 9.4% in the period. Deputy CEO Trond Grande said the fund has been “roughly index rate” in SpaceX through the summer.
The fund’s most valuable holdings include a 1.3% stake in Nvidia worth $61.8 billion and a 1.2% stake in Apple valued at $52.7 billion. Its Tesla position stands at 1%, worth around $15.7 billion at the end of June.
SpaceX Stock Since IPO
SpaceX shares soared on their debut in June but pulled back sharply, with hundreds of billions wiped from its market cap by the end of July. On Monday, the stock closed above its IPO price for the first time in weeks.
The relationship between NBIM and Musk has not been without friction. The fund voted against his $56 billion Tesla pay package in 2024 and again opposed a trillion-dollar Tesla pay package at the company’s annual meeting in late 2025.
Wall Street currently holds a Moderate Buy consensus on SPCX, with 24 Buys, five Holds, and two Sells since the IPO. The average price target sits at $231.15, implying upside of around 58% from current levels.
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