Key facts
- SpaceX stock closed Tuesday at $149.24, up 2.6%.
- TD Cowen initiated coverage of SpaceX with a Buy rating and a $200 price target.
- Analyst John Blackledge sees AI compute leasing as SpaceX's fastest-growing revenue stream.
- AI compute leasing could represent 60% of SpaceX revenue by 2027, according to TD Cowen.
- Demand from Google and Anthropic is expected to support SpaceX's AI compute leasing expansion.
- Anthropic has disclosed arrangements for up to $84.5 billion in Nvidia-based computing capacity through 2029.
SpaceX's stock price closed Tuesday's session up 2.6% at $149.24, continuing a trend of steady growth with a 5% increase over the past 30 days. This positive momentum coincides with a new $200 price target set by TD Cowen, which initiated coverage of the company with a Buy rating.
Analyst John Blackledge identified AI compute leasing as SpaceX's most rapidly expanding revenue stream. TD Cowen forecasts that this terrestrial computing business could constitute approximately 60% of SpaceX's revenue by 2027. This projection is underpinned by anticipated demand from major technology firms, including Google and Anthropic.
Further fueling optimism is a significant computing agreement between Anthropic and SpaceX. Anthropic has disclosed arrangements for up to $84.5 billion in Nvidia-based computing capacity through 2029. This represents a substantial increase from a previous agreement where Anthropic projected payments of nearly $45 billion to SpaceX, including monthly payments of about $1.25 billion.
Commentators like Shay Boloor have also expressed bullish sentiment, suggesting that the market may be underestimating the potential of SpaceX's Starlink and Starship ventures. Boloor has drawn comparisons between SpaceX and industry giants like Amazon and Tesla, anticipating robust future growth for Elon Musk's firm.