SpaceX Secures $27.5B AI Revenue While Shares Slide 22%
SPCX•SpaceX secured $27.5 billion in annual AI compute revenue from deals with Anthropic, Google and Reflection AI, transforming its data center business. Shares are off 22% from post-IPO highs and a $192 2027 price target on $64.1 billion revenue and 31.8x sales suggests renewed growth expectations.
1. AI Compute Revenue Surge
SpaceX has booked approximately $27.5 billion in annual recurring revenue by monetizing excess GPU capacity through major compute agreements with Anthropic, Alphabet’s Google and Reflection AI. This initiative broadens the company’s business model beyond rocket launches and Starlink connectivity, adding a high-margin data center division.
2. Valuation and Stock Performance
Since its record-breaking IPO at a $2 trillion valuation, shares have retreated 22% from their peak as investors reassess growth prospects. The pullback reflects shifting market sentiment on the sustainability of premium multiples in the face of intensified competition and macroeconomic pressures.
3. Forecast and Revenue Outlook
A projected target of $192 per share by 2027 is based on a forecasted revenue of $64.1 billion and a maintained 31.8x price-to-sales multiple. Analysts warn the stock could fall to around $104 if revenue targets slip or valuation multiples compress.
4. Strategic Growth Initiatives
Beyond AI compute, SpaceX is expanding Starlink’s global connectivity footprint, scaling direct-to-cell mobile services and advancing Starship commercialization. These diversified growth drivers aim to underpin long-term revenue expansion and justify premium valuation levels.
