SPCX Stock Heads For Its Best Week – Analyst Upgrade, Billion-Dollar Institutional Stake Boost Sentiment

Argus said it is ‘encouraged’ by the rapid payback from SpaceX’s AI investments as demand for computing capacity continues to grow.

• Argus upgraded the stock to ‘Buy’ from ‘Hold’ with a $160 price target, according to The Fly.
• SpaceX spent $15.8 billion on AI infrastructure in the previous quarter.
• Temasek Holdings owns 9.8 million Class A shares of SpaceX worth roughly $1.24 billion, according to a disclosure.

Shares of SpaceX (SPCX) rallied nearly 10% on Friday, extending Thursday’s gains, as investors looked past the recent lock-up expiration fears, while an upgrade by Argus highlighted confidence in the rapid returns from its AI investments.

SPCX shares are heading for their best week since listing and are also on track to record the biggest single-day gains since June 15. The stock went public on June 12.

Argus Is ‘Encouraged’ By SPCX’s AI Investment Returns

Argus upgraded the stock to ‘Buy’ from ‘Hold’ with a $160 price target, according to The Fly. This represents a 24% increase from current levels.

The brokerage acknowledged that SpaceX’s capital spending is running above earlier expectations, largely due to AI infrastructure investments, but said it is ‘encouraged’ by the rapid payback from those projects as demand for computing capacity continues to grow.

The firm also noted that SpaceX’s forecast of $100 billion annualized revenue run rate by the end of 2026 is well above its initial forecast.  

The bullish view follows similar comments from JPMorgan, which recently raised its price target to $240, citing SpaceX’s expanding AI business and vertically integrated model. Meanwhile, Wells Fargo maintained an ‘Overweight’ rating despite trimming its target, noting that management's AI roadmap was more ambitious than expected.

SpaceX spent $15.8 billion on AI infrastructure in the previous quarter, with management saying demand for AI computing continues to exceed supply and that they expect to end the year with more than two gigawatts of compute capacity, according to a report by Reuters earlier this week.

The company reported $7.81 billion in second-quarter revenue, up 92% from a year earlier and ahead of Wall Street estimates of $6.82 billion, according to Fiscal.ai. AI revenue surged 247%, while Starlink revenue rose 67% and launch revenue increased 29%.

Temasek Discloses Stake

Separately, a filing with the U.S. Securities and Exchange Commission showed that Temasek Holdings owns 9.8 million Class A shares of SpaceX. At current levels, the stake is valued at roughly $1.26 billion.

The disclosure comes a day after SpaceX’s first major IPO lock-up expiration, when more than 911 million shares became eligible for trading, representing about 6.9% of the company's outstanding shares, according to Koyfin.

Retail Bulls See SPCX At $150

Retail sentiment for SPCX on Stocktwits remained ‘bullish’ over the past 24 hours, amid ‘high’ message volumes.

One user expects the stock to climb to $150 next week.

View this Stocktwits post

However, another user said the pop does not represent a reversal yet.

View this Stocktwits post

The stock is down around 21% since listing.

For updates and corrections, email newsroom[at]stocktwits[dot]com.<