TLDR
- SpaceX stock rose 1.3% in premarket trading to $136.71 after closing at its $135 IPO price Monday
- CEO Elon Musk confirmed SpaceX helped design a space-optimized version of Nvidia’s Vera Rubin AI chips, planned for orbit in 2027
- SpaceX plans to build AI computing satellites powered by solar energy to undercut terrestrial data center costs
- Starlink revenue hit $4.2 billion, up from $3.2 billion year-over-year, with customers now exceeding 12 million
- Capital expenditure jumped to $18 billion in Q2, up from $10 billion in the same period last year
SpaceX (SPCX) stock was up 1.3% in premarket trading Tuesday at $136.71, after closing right at its $135 IPO price on Monday. The stock has swung between $105 and $225 since its June IPO.
Space Exploration Technologies Corp., SPCX
The move came after CEO Elon Musk retweeted a post from Nvidia about its Vera Rubin GPU chips, confirming SpaceX helped design a “space-optimized” version set for orbit in 2027, with “significant scale” planned for 2028.
Vera Rubin is Nvidia’s latest AI chip, offering faster compute and higher token throughput than its Blackwell predecessor. Higher throughput means lower costs per unit of AI output.
Space is a tough environment for hardware. Higher radiation levels and different cooling conditions mean standard chips won’t cut it. That’s why a specialized version is needed.
The bigger picture here is SpaceX’s plan to launch a constellation of AI computing satellites. Musk believes solar-powered chips in orbit can beat the cost of ground-based data centers running on conventional electricity.
For that plan to work, Starship needs to be ready. The fully reusable rocket is still in testing, with flight 14 expected in September.
Business Breakdown
SpaceX’s satellite launch business brought in $962 million in its most recent quarter, up from $619 million previously. That’s well ahead of rival Rocket Lab’s $234 million in the same period.
The AI segment is growing fast, with revenue reaching $2.56 billion from $818 million a year earlier. That revenue comes largely from Grok, SpaceX’s AI chatbot, along with data center operations competing with companies like CoreWeave and Nebius.
The data center business has already locked in deals worth more than $2 billion per month in future revenue, with clients including Google, Anthropic, and Reflection AI.
Starlink continued its steady climb, with connectivity revenue rising to $4.2 billion from $3.2 billion year-over-year. Active customers crossed 12 million.
Costs Are Climbing
Capital expenditure hit $18 billion in Q2 alone, up from $10 billion in the same quarter last year. For the first half of the year, total capex reached $28.4 billion, driven largely by data center buildout.
Management has signaled tens of billions more in spending ahead.
SpaceX ended the quarter with over $100 billion in cash and marketable securities, including $93.5 billion in cash equivalents and $6.4 billion in marketable securities. Total liabilities stood at $65 billion, with minimal debt.
Goldman Sachs projects SpaceX revenue could reach $474 billion long term. Analysts forecast $44.6 billion for this year, rising to $105 billion in 2026.
SPCX is currently trading about 30% above its monthly low, but roughly 40% off its all-time high of $225.
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