Good times continue to roll for Elon Musk's SpaceX (SPCX). According to a Bloomberg report, following the quarterly rebalancing of the Nasdaq-100, the weight of SPCX stock in the index will more than double to 2.82% from 1.28% currently. Notably, this news arrives alongside another key development for the company: the release of Grok 4.7.
Early results for xAI's latest frontier model were encouraging, as the model secured a score of 46.3% on CursorBench, higher than GPT 5.6 Sol Max's score of 41.7% but lower than Claude Fable 5.1 Max's score of 51.8%. Yet, on both input token and output token prices, Grok 4.7 trumped those rival models.
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This bodes well for SpaceX's broader artificial intelligence (AI) ambitions. Notably, Wall Street veterans project that AI could become SpaceX’s largest revenue category, generating $275 billion by 2030. Meanwhile, management reportedly aims to reach 5 to 10 gigawatts of compute capacity by 2027. This development has the potential to provide a substantial additional growth driver for SpaceX, particularly given the company’s estimates of one-year payback periods on AI infrastructure investments.
About SpaceX
Investors may be surprised to learn that SpaceX has been operating for more than 20 years. Established in 2002, the company stands as the leading commercial space enterprise worldwide and runs three primary segments: Space, Connectivity, and AI.
Key distinctions for the company include its position as the top launch provider globally, the largest satellite operator on the planet, and one of the most rapidly expanding internet service providers through Starlink. The company is also a significant contractor for both NASA and the Pentagon, with long-term goals centered on establishing a presence on Mars.
Currently valued at a market capitalization of $1.9 trillion, SPCX stock is down 4% for the past three months, with SpaceX having gone public in June 2026.
www.barchart.com SpaceX Reports Q2 Results
SpaceX has recorded substantial revenue growth in recent years, with revenue advancing from $10.4 billion in 2023 to $18.7 billion in 2025. SpaceX also generated net income of $791 million in 2024 before posting a net loss of $4.9 billion in the following year.
Cash flow from operations improved during this period, rising to $6.8 billion in 2025 from $4.5 billion in 2023. The company ended 2025 with a strong cash position of $24.7 billion and very limited short-term debt, helping mitigate liquidity concerns.
In the second quarter of 2026, SpaceX reported revenue of $7.8 billion, up 92% year-over-year (YOY). Net loss narrowed to $541 million from a $1 billion loss in the comparable period a year earlier. At quarter end, the company also held $93.5 billion in cash and cash equivalents.
Capital expenditures have risen markedly over the past three years, increasing from $4.4 billion in 2023 to $20.7 billion in 2025. AI-related spending has expanded particularly rapidly, starting at $463 million in 2023 as the smallest category among Space, Connectivity, and AI before climbing to $12.7 billion in 2025 and becoming the company's largest area of investment. This shift illustrates how SpaceX, which initially focused on space missions and connectivity services, is increasingly treating AI as a core foundation for future development. AI capex totaled $15.8 billion in Q2 2026 alone.
Looking at the revenue composition for Q2 2026, Connectivity remained the leading contributor at $4.29 billion. Next, the AI segment generated $2.56 billion in revenue, while the Space segment contributed $962 million.
From a valuation perspective, however, SPCX stock continues to appear significantly overvalued. For instance, the price-to-sales (P/S) ratio of 108.3 times stands well above the sector median.
What Do Analysts Think of SPCX Stock?
Overall, analysts remain tentatively upbeat about SPCX stock, offering a consensus “Moderate Buy” rating. Out of 36 analysts covering SpaceX stock, 24 have a “Strong Buy” rating, two have a “Moderate Buy” rating, seven have a “Hold” rating, one has a “Moderate Sell” rating, and two have a “Strong Sell” rating. The mean target price of $220.03 indicates potential upside of about 49% from current levels.
www.barchart.com On the date of publication, Pathikrit Bose did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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