Overview
- On Friday, SpaceX shares jumped about 13% after Argus Research upgraded the stock to Buy and pointed to faster-than-expected returns from the company’s AI buildout.
- SpaceX’s first public quarterly report showed $7.8 billion in revenue and roughly $18.4 billion in Q2 capital spending, with about $15.8 billion directed to AI infrastructure.
- The company said AI revenue rose to about $2.6 billion while the AI segment posted a roughly $1.3 billion operating loss even as adjusted EBITDA turned positive.
- CFO Bret Johnsen told investors the firm is getting “less than a one-year payback” on AI compute and disclosed $14.1 billion in new Q2 cloud contracts plus $6.7 billion more in early Q3.
- Market structure risks remain: roughly 911.5 million shares recently became tradable, short interest is elevated near reported highs, and the stock’s volatility depends on future lockup releases, Starship execution and the heavy AI capex program.