Overview
- Shares surged this week after SpaceX publicly shared an internal remark from Elon Musk that AI revenue could exceed the company’s other businesses within weeks and after Grok 4.6 was launched and benchmarked near the intelligence frontier.
- SpaceX reported $7.81 billion in Q2 revenue with about $2.6 billion from AI and $4.29 billion from Starlink while showing very large capital spending that ran roughly $15.8 billion for the quarter.
- Grok 4.6 was released with aggressive pricing at $2 per million input tokens and $6 per million output tokens and early third‑party benchmarks placed it close to leading models, strengthening SpaceX’s software monetization case.
- Institutional support and analyst backing, including Morgan Stanley’s maintained $300 base target and a disclosed stake by Norway’s NBIM, helped lift the stock even as a scheduled lockup tranche on August 21 could add substantial tradable supply.
- Starlink remains the company’s cash engine through continued launches and subscriber growth while Starship ambitions and sustained high capex create execution and funding risks that investors will watch in the coming quarters.