Key Highlights
- Shares of SpaceX climbed up to 11% during Wednesday’s session after Musk projected AI revenue might exceed all other divisions by next month
- Morgan Stanley maintained its Buy recommendation with a $300 target price on SPCX shares
- The Norwegian sovereign wealth fund, valued at $2.3 trillion, revealed a 0.05% position in SpaceX totaling approximately $1.2 billion
- NBIM reported an unprecedented half-year gain of $184 billion, propelled by Asian technology equities
- Analysts maintain a Moderate Buy stance on SPCX with a mean price objective of $231.15, suggesting 58% potential appreciation
Shares of SpaceX experienced a significant rally on Wednesday, climbing as high as 11% intraday before settling with gains of approximately 9.65%. The surge came after the aerospace company shared footage from an internal company-wide meeting on X, during which Elon Musk informed team members that artificial intelligence revenue might eclipse all other business segments by September.
Space Exploration Technologies Corp., SPCX
During the presentation, Musk characterized the AI initiatives within SpaceX as “an extremely important part” of the organization’s future. He explained that the AI systems would utilize proprietary SpaceX data for training purposes and encouraged employees by telling them they represent “the parents of the AI.”
Looking further ahead, he forecast that AI-generated revenue would “far exceed” the company’s other operations by the fourth quarter of this year.
Adding momentum to the stock’s advance, Morgan Stanley’s Adam Jonas reaffirmed his Buy recommendation and maintained a $300 price objective for SPCX. Jonas contends that the market is significantly underestimating the value of SpaceX’s artificial intelligence capabilities.
According to his sum-of-the-parts valuation framework, investors are assigning SpaceXAI multiples that trail those given to independent neocloud enterprises.
Jonas emphasized that the platform transcends traditional cloud offerings, highlighting an integrated technology stack that merges real-time information, computational power, network connectivity, and machine intelligence. He noted that the market is currently attributing “near zero credit” to these capabilities.
Additionally, he identified forthcoming AI model enhancements, including upgraded Grok versions and developments related to the Cursor acquisition, as potential near-term growth drivers.
Norwegian Sovereign Wealth Fund Discloses SpaceX Investment
Additional news emerged Wednesday from Norway’s Norges Bank Investment Management (NBIM), the entity overseeing the planet’s largest sovereign wealth fund with $2.3 trillion in assets. The institution revealed it holds a 0.05% ownership position in SpaceX, representing roughly $1.2 billion in value.
NBIM announced a historic first-half return of $184.9 billion, fueled predominantly by strong performance in Asian technology equities. The portfolio delivered a 9.4% return during this timeframe. Deputy CEO Trond Grande indicated the fund maintained “roughly index rate” exposure to SpaceX throughout the summer months.
Among the fund’s largest investments are a 1.3% holding in Nvidia, valued at $61.8 billion, and a 1.2% stake in Apple, worth $52.7 billion. The fund’s Tesla investment represents 1% ownership, valued at approximately $15.7 billion as of June’s conclusion.
SpaceX Stock Performance Since Public Debut
SpaceX stock experienced a strong opening when it went public in June, though it subsequently declined considerably, erasing hundreds of billions in market capitalization through late July. This week marked the first time in several weeks that shares closed above their initial public offering price, occurring on Monday.
Relations between NBIM and Musk have experienced some tension historically. The Norwegian fund opposed his $56 billion Tesla compensation arrangement in 2024 and subsequently voted against a trillion-dollar Tesla pay package during the company’s 2025 shareholder meeting.
Analyst sentiment on SPCX currently reflects a Moderate Buy consensus, consisting of 24 Buy ratings, five Hold recommendations, and two Sell ratings since the company’s IPO. The consensus price target stands at $231.15, indicating potential upside of approximately 58% from present trading levels.
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