TLDR
- SpaceX stock rose 1.6% on Monday after Elon Musk said the company plans to enter power-turbine casting and blade manufacturing.
- The announcement sent GE Vernova down 1.5% and Howmet Aerospace down 7.5%.
- ARK Invest reportedly bought around $27 million of SPCX stock; consensus analyst rating is “Moderate Buy” with a $220.20 average price target.
- SpaceX reported 91.9% year-over-year revenue growth last quarter, beating EPS estimates by $0.17.
- A September 9 share unlock will expand the public float to around 17.7%, which could create selling pressure.
SpaceX (SPCX) stock climbed 1.6% on Monday, touching a high of $144.13 before closing at $143.69, after CEO Elon Musk announced plans to move into power-turbine casting and blade manufacturing.
Space Exploration Technologies Corp., SPCX
Musk posted on social media that “Casting of blades and vanes is the most limiting factor for power until solar AI satellites are launched at scale.” The market read it as a direct signal that SpaceX is moving into territory currently held by established industrial players.
The reaction was immediate. GE Vernova fell 1.5% and Howmet Aerospace dropped 7.5% on the day.
SpaceX is no stranger to making its own parts. RBC analyst Ken Herbert estimates the company produces around 90% of its rocket components in-house, compared to roughly 40% for a Boeing aircraft. That kind of vertical integration is at the core of how SpaceX operates.
Adrian Helfert, chief investment officer at Westwood Holdings Group, put it plainly: “We’re going through a new consideration in manufacturing production.” The traditional model of lean supply chains and outsourced parts is being challenged.
The company is also building a Texas foundry for gas-turbine components, which could help reduce power-equipment delays tied to its AI data center plans.
Analyst Coverage and Institutional Buying
Cathie Wood’s ARK reportedly purchased around $27 million in SPCX during the session. Institutional interest has been building through Q2, with firms like Hyperion Asset Management taking a new stake worth over $201 million.
On the analyst side, Bernstein maintained an Outperform rating and Morgan Stanley continues to see upside. Cantor Fitzgerald has a $246 price target, while Bank of America holds a Buy with a $235 target. Not everyone is on board though. Citigroup downgraded the stock to Sell in August, and DZ Bank started coverage with a Sell rating and a $100 target. The consensus across 41 analysts sits at “Moderate Buy” with an average target of $220.20.
SpaceX’s last earnings report, released August 4, showed revenue of $7.81 billion for the quarter, up 91.9% year over year. The company posted a loss of $0.09 per share, beating the consensus estimate of a $0.26 loss by $0.17.
Risks Ahead
There are headwinds worth watching. A September 9 share unlock will push the public float to around 17.7%, up from current levels. After a roughly 30% gain in August, that additional supply could put pressure on the stock.
There are also concerns around the acquisition of Cursor, the coding platform. OpenAI has reportedly moved to cut off model access for Cursor following security concerns involving Russian hackers. That dispute, tied partly to the ongoing Musk-Altman conflict, could weigh on the deal’s value.
As of Tuesday premarket, SPCX was down around 1%, while the S&P 500 and Dow were each off about 0.5%.
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