Shares fall after Musk says SpaceX could cast turbine parts in-house
Shares of Howmet Aerospace HWM.N and DPC Holdings, which make blades and vanes for aerospace engines and industrial gas turbines DPC.N, fall 4.5% and 5.9%, respectively, in premarket trading.
Elon Musk said in an X post on Saturday that SpaceX SPCX.O could start in-house casting of gas turbine blades and vanes.
Musk said that SpaceX and Tesla TSLA.O are building 100 gigawatts/year of solar production capacity but natural gas will be required to supplement it.
"The limiting factor for nat gas turbine production is casting the blades & vanes. By doing in-house casting at SpaceX, we can accelerate nat gas turbines coming online by up to 18 months, which is a profound game-changer," Musk said in the post.
HWM is up about 30% year to date, while DPC is up about 33% from its June IPO price of $33 per share.
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