Overview
- SpaceX completed the largest IPO in history in June and has traded with high volatility since then, closing at about $147.55 on Sept. 9 after a peak above $225 and a summer low near $104.
- The company reported sharp top-line growth in Q2 with $7.8 billion in revenue and roughly 12 million Starlink subscribers, and it has begun monetizing ground data centers through contracts with ReflectionAI, Anthropic, and Alphabet.
- ReflectionAI’s contract began in July and is reported to pay about $150 million per month while the company says Anthropic and Alphabet are renting compute capacity that could scale into multi‑billion dollar annual revenue.
- SpaceX trades at an extreme premium—roughly a $2.0 trillion market cap and a price‑to‑sales ratio near 95—and faces multiple lockup expirations through mid‑2027 that will increase the public float and could pressure the stock.
- Near‑term execution points that could move the market include Starship tests, GPU delivery and data‑center reliability for compute customers, and regulatory and technical steps tied to a proposed plan to launch orbital data‑center satellites starting by 2028.