TLDR
- SpaceX (SPCX) stock ended Wednesday at $159.31, up 8%, a day after its second public earnings report.
- Q3 revenue grew 161% to $14.58 billion, and EPS of $0.35 topped the $0.10 estimate.
- JPMorgan raised its target to $500 from $240, and Barclays moved to $300 from $254.
- Capex was $19.6 billion last quarter, with $35 billion to $40 billion expected in Q4.
- The boards of SpaceX and Tesla (TSLA) formed special committees to review a merger.
SpaceX (SPCX) stock ended Wednesday at $159.31, up 8%. The jump came one day after the company posted its second earnings report as a public company.
Space Exploration Technologies Corp., SPCX
Analysts moved fast. JPMorganās Doug Anmuth raised his price target to $500 from $240.
That level sits more than 200% above Wednesdayās close. Anmuth wrote that no other company is better placed to chase a total addressable market of $28 trillion or more.
Barclays lifted its target to $300 from $254. Wells Fargo, TD Cowen and Needham also raised targets or kept bullish ratings.
MarketBeat counts 3 Strong Buy, 30 Buy, 9 Hold and 4 Sell ratings. The average price target is $243.08.
What the Numbers Showed
Third-quarter revenue hit $14.58 billion, up 161% from a year ago. EPS came in at $0.35, well above the $0.10 estimate.
Net income was about $4.4 billion. A year earlier, the company reported a loss.
AI is now the biggest piece of the business. The Super Intelligence segment brought in $7.56 billion, up more than eightfold.
Management says new computing deployments pay for themselves in under a year. Backlog stands at about $63 billion.
The company guided to $33 billion to $37 billion in revenue for the first quarter of 2027. Elon Musk said he expects annual recurring revenue of $500 billion to $1 trillion by the end of 2027.
Starlink connectivity revenue grew 69% to about $5.25 billion. The service has 13.6 million consumer subscribers.
Spending, Insiders and Tesla
The bill is a big one. Capital spending was about $19.6 billion last quarter, and the company expects $35 billion to $40 billion in the fourth quarter.
Analysts point to borrowing, power supply and cash flow as risks. Upcoming insider unlocks could also add selling pressure.
COO Gwynne Shotwell sold 342,170 units of stock on Sept. 22 at an average of $153.57. The sale, worth about $52.5 million, was made under a pre-arranged plan.
The boards of SpaceX and Tesla (TSLA) formed special committees to look at a merger. Musk called it a good idea, but no deal is certain and shareholders would need to approve it.
SPCX has traded between $104.83 and $225.64 over the past year. Its 50-day moving average is $149.18, and its market cap is $2.10 trillion.
Overnight trading put the stock near $155.40, down 2%.
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