TLDR
- SpaceX (SPCX) stock rose about 3% in Monday premarket trading after a 6.37% drop on Friday to $134.72.
- Bloomberg reported Anthropic made up 34.5% of SpaceX’s third-quarter revenue.
- DigiTimes says Musk reopened Terafab talks with TSMC.
- Colossus 2 is expected to hold about 1.2 million Nvidia Blackwell chips by year-end.
- Analysts rate the stock Strong Buy with a $250.34 average price target.
SpaceX (SPCX) stock rose about 3% in Monday premarket trading. That follows a 6.37% drop on Friday, when it closed at $134.72, down $9.17.
Space Exploration Technologies Corp., SPCX
Friday’s range was $134.50 to $140.20. The stock still sits below its $150 IPO opening price from June.
Its 52-week range runs from $104.83 to $225.64. The market cap stands at $1.83 trillion.
Friday’s decline came during a broader tech sell-off. Investors are questioning whether heavy AI spending will pay off.
Customer concentration also weighed on the stock. Bloomberg reported that Anthropic made up 34.5% of third-quarter revenue, making it the largest customer.
Terafab Talks Reopen
DigiTimes reported that SpaceX and Tesla restarted talks with TSMC over Terafab. TriOrient research executive Dan Nystedt said the talks could cover who runs the plant and how it is funded.
That would be a turn from October. Musk said then that SpaceX and Tesla would build and run Terafab themselves, letting TSMC only sublease part of the site.
Terafab is a planned chip factory for AI computing and other uses. Musk expects a first test chip around May or June 2027.
Volume production is targeted for the third quarter of 2028. Musk has called the timeline highly ambitious.
Colossus 2 and the Spending Debate
Two Colossus 2 buildings in Memphis each hold 220,000 Nvidia GB300 chips for AI training. A third, called Gun Range, should be running by the end of November.
A fourth building, Spam, will hold about 200,000 chips for AI inference and is due in December. Musk expects around 1.2 million Blackwell chips by year-end.
He defended the spending on X, writing, “Our capex efficiency is greatly underestimated.” He was replying to Kyle Reidhead of Milk Road.
Reidhead estimates SpaceX needs about $470 billion in capital spending over five quarters. His model projects quarterly revenue near $122 billion by late 2027, but these are his estimates, not company guidance.
Third-quarter revenue rose 161% to $14.58 billion. AI sales jumped 830% to $7.6 billion, or 52% of the total.
Capex rose 185% to $19.6 billion in the quarter, with 83% going to AI. SpaceX expects fourth-quarter capex of $35 billion to $40 billion.
Starlink revenue rose 69% to $5.2 billion with 13.6 million subscribers. Launch revenue rose 6% to $1.8 billion from 12 launches.
Analysts rate SPCX a Strong Buy, with 29 Buys, five Holds and one Sell. The average price target is $250.34, which implies 86% upside.
SPCX was up about 3% in Monday premarket trading, with the Gun Range building due online by the end of November.
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