Macquarie maintains bullish view on SpaceX after AI agreements, Starship mission success
SPCX•Macquarie maintained its outperform rating on SpaceX, citing expanded AI agreements and Starship’s successful trip to orbit despite an engine failure that ended the mission early. The article says agreements disclosed by Anthropic could involve up to $84.5 billion in computing-capacity spending through 2029, largely cancelable with 90 days’ notice.
1. Macquarie’s view
Macquarie maintained its outperform rating on SpaceX, citing expanded agreements with Anthropic and Starship’s trip to orbit earlier this week. The rocket’s engine failure ended the mission prematurely, but Macquarie said the flight signaled SpaceX was moving closer to commercial operations.
2. Computing agreements
Anthropic disclosed agreements with Elon Musk’s xAI in its IPO prospectus that could result in up to $84.5 billion of spending for computing capacity through 2029; the agreements are largely cancelable with 90 days’ notice. Macquarie said the announcement underscored demand for computing infrastructure and supported SpaceX’s expansion plans.
3. Business mix
Macquarie said SpaceX’s combination of rocket operations, Starlink satellites and AI infrastructure could reinforce growth across its business. Shares rose 1.8% in the session, and the article said they were up more than 12% from the company’s June IPO price of $135.
