SpaceX shares fell on Wednesday as investors weighed uncertainty around artificial intelligence computing contracts and awaited the next Starship test flight scheduled for Friday. SPCX closed at $139.75, down 2.33%, according to Google Finance and Charles Schwab, after earlier reports noted a 0.44% decline amid broader concerns about AI infrastructure spending.
The company's third-quarter results had shown $7.6 billion in AI revenue, almost $1 billion above analyst expectations and nearly 200% higher than the second quarter. However, lingering questions about financing for data-centre expansion and customer concentration have pressured the stock. JPMorgan said there were signs hyperscaler spending on data centers could be peaking, while Democratic gains in the US midterm elections could delay some projects. CoreWeave gained about 26% after the AI cloud infrastructure provider reported better-than-expected quarterly results, easing some financing concerns.
Elon Musk responded on X to secondhand claims that Anthropic planned to exit its computing agreement, saying: "We would be happy to take the compute back. No problem. But I think the opposite is going to happen." SpaceX regulatory filings showed agreements with Anthropic covered access to Colossus and Colossus II infrastructure with roughly 325,000 Nvidia GPUs and monthly payments of $1.25 billion through May 2029, though either party could terminate after the initial three-month period with 90 days' notice. A September quarterly report showed an unnamed Customer B generated 34.5% of third-quarter consolidated revenue, while the Super Intelligence division contributed $7.56 billion of the company's $14.575 billion quarterly revenue.
In space operations, SpaceX plans to attempt catching both stages of Starship during Flight 15, with a launch window opening at 5:45 p.m. Eastern on Friday. The flight is expected to carry 26 next-generation V3 Starlink satellites. Separately, Ookla data showed median Starlink download speeds improved 12% to 119.71 Mbps, but declined in 16 states and Washington, D.C., raising capacity questions in busy markets. SpaceX is expanding terrestrial spectrum through a deal with Grain Management and announced a solar-cell manufacturing partnership with Singulus for Starmind satellites.
