SpaceX stock (SPCX) advanced on Monday after Bernstein SocGen Group reiterated its Outperform rating and a $248 price target, while separately CEO Elon Musk announced plans to enter power-turbine casting and blade manufacturing. The stock touched a high of $144.13 before closing at $143.69, up 1.6% on the day.
Bernstein said it remains optimistic about SpaceX’s diversified opportunities, including launch services, orbital data centers, and Starlink broadband for consumer, enterprise, and government clients. The firm reported SpaceX generated $23 billion of revenue over the trailing twelve months with a 52% gross profit margin, though the company remains unprofitable. However, Bernstein highlighted uncertainty around the direct-to-device mobile business, noting that SpaceX plans to begin Starship launches of its Mobile V2 satellite constellation in mid-2027 and calling it the segment it considers most difficult.
In a separate development, Musk posted on social media that “Casting of blades and vanes is the most limiting factor for power until solar AI satellites are launched at scale.” Investors read the comments as a signal that SpaceX is moving into territory held by industrial players, sending GE Vernova down 1.5% and Howmet Aerospace down 7.5%. SpaceX’s vertical integration is already notable: RBC analyst Ken Herbert estimates the company produces around 90% of its rocket components in-house, compared to roughly 40% for a Boeing aircraft. The company is also building a Texas foundry for gas-turbine components, which could help reduce power-equipment delays tied to its AI data center plans.
Institutional and analyst activity has been mixed but generally positive. Cathie Wood’s ARK reportedly purchased around $27 million in SPCX during the session, and Hyperion Asset Management took a new stake worth over $201 million in the second quarter. Bernstein and Morgan Stanley remain bullish, while Cantor Fitzgerald holds a $246 price target and Bank of America has a Buy with a $235 target. However, Citigroup downgraded the stock to Sell in August and DZ Bank began coverage with a Sell rating and a $100 target. The consensus across 41 analysts is a “Moderate Buy” with an average price target of $220.20.
SpaceX’s latest earnings, reported August 4, showed quarterly revenue of $7.81 billion, up 91.9% year over year, with a loss of $0.09 per share versus consensus expectations of a $0.26 loss. Looking ahead, a September 9 share unlock is expected to expand the public float to around 17.7%, which could create selling pressure after a roughly 30% gain in August. There are also concerns around the acquisition of Cursor, the coding platform, after OpenAI reportedly moved to cut off model access for Cursor following security concerns involving Russian hackers.
Separately, SpaceX and NASA are delaying the planned Crew-13 mission to the International Space Station after identifying an oxidizer leak in the Dragon spacecraft’s propulsion system. No new target launch date has been announced. The mission was expected to carry American, Canadian, and Russian astronauts.
