SpaceX (SPCX) Shares Soar 9% as Musk Projects AI Division to Dominate Revenue

TLDR

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SPCX shares climbed as high as 11% Wednesday following Musk’s projection that AI revenue may eclipse all divisions by next month
Morgan Stanley’s Adam Jonas maintained his Buy recommendation with a $300 price objective on the stock
Norway’s massive $2.3 trillion sovereign fund revealed it holds a 0.05% position in SpaceX valued at roughly $1.2 billion
The Norwegian fund reported an unprecedented first-half gain of $184 billion, boosted by Asian technology holdings
Analysts maintain a Moderate Buy rating on SPCX with a mean price objective of $231.15, suggesting 58% potential upside

Shares of SpaceX climbed as much as 11% during Wednesday’s trading session, ultimately settling with gains of approximately 9.65%. The surge came after the aerospace company shared a recording from an internal company-wide meeting on X, where Elon Musk informed employees that artificial intelligence revenue might overtake all other divisions as soon as September.

Space Exploration Technologies Corp., SPCX

During the meeting, Musk characterized the AI initiatives within SpaceX as “an extremely important part” of the organization. He explained that the artificial intelligence models would undergo training using SpaceX’s proprietary data and informed the team they were “the parents of the AI.”

Musk went further by forecasting that AI-generated revenue would “far exceed” the company’s other operations during the fourth quarter.

The shares received additional momentum from Morgan Stanley’s Adam Jonas, who maintained his Buy recommendation alongside a $300 price objective for SPCX. Jonas contended that the market is significantly underestimating the value of SpaceX’s artificial intelligence platform.

According to Jonas, market participants are valuing SpaceXAI at multiples below those assigned to independent neocloud enterprises, based on his sum-of-the-parts evaluation.

Jonas characterized the platform as transcending traditional cloud offerings, highlighting a comprehensive technology stack that integrates real-time information, computational power, connectivity infrastructure, and intelligent systems. He noted that the market is currently assigning it “near zero credit.”

Jonas also identified forthcoming AI model enhancements, including upgraded Grok versions and developments related to the Cursor acquisition, as potential near-term stock catalysts.

Norway’s Sovereign Wealth Fund Reveals SpaceX Stake

Wednesday also delivered news from Norges Bank Investment Management (NBIM), the entity overseeing the planet’s largest sovereign wealth fund valued at $2.3 trillion. The fund announced a 0.05% ownership stake in SpaceX representing approximately $1.2 billion in value.

NBIM announced an unprecedented six-month profit of $184.9 billion, powered predominantly by surging Asian technology equities. The fund generated a 9.4% return during this timeframe. Deputy CEO Trond Grande noted the fund has maintained “roughly index rate” exposure to SpaceX throughout the summer months.

Among the fund’s largest positions are a 1.3% stake in Nvidia valued at $61.8 billion and a 1.2% holding in Apple worth $52.7 billion. Its Tesla investment represents 1% ownership, valued at approximately $15.7 billion as of June’s conclusion.

SpaceX Stock Since IPO

SPCX shares experienced a dramatic debut surge in June before experiencing significant declines, erasing hundreds of billions from the company’s market capitalization through July’s end. Monday marked the first time in recent weeks that shares closed above their initial public offering price.

The connection between NBIM and Musk has experienced some tension. The Norwegian fund voted against his $56 billion Tesla compensation arrangement in 2024 and subsequently opposed a trillion-dollar Tesla pay package during the company’s 2025 annual shareholder gathering.

Analysts currently maintain a Moderate Buy consensus rating on SPCX, comprising 24 Buy recommendations, five Hold ratings, and two Sell opinions since the company’s public debut. The consensus price objective stands at $231.15, indicating potential upside of approximately 58% from present trading levels.

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