TLDR
- SpaceX (SPCX) stock rose about 3% in Monday premarket trading after falling 6% on Friday to close at $134.72.
- Bloomberg reported Anthropic made up 34.5% of SpaceX’s third-quarter revenue, raising customer concentration concerns.
- DigiTimes says Musk reopened Terafab talks with TSMC, a possible shift from his October stance.
- Colossus 2 is expected to hold about 1.2 million Nvidia Blackwell chips by the end of the year.
- Analysts rate the stock Strong Buy with a $250.34 average price target, implying 86% upside.
SpaceX (SPCX) stock was up about 3% in Monday premarket trading. That follows a 6.37% drop on Friday, when it closed at $134.72, down $9.17 on the day.
Space Exploration Technologies Corp., SPCX
The day’s range on Friday was $134.50 to $140.20. The stock sits below its $150 IPO opening price from June, and its 52-week range runs from $104.83 to $225.64.
The decline came during a broader tech sell-off. Investors are questioning whether heavy spending on AI infrastructure will pay off.
Customer concentration also weighed on the stock. Bloomberg reported that Anthropic accounted for 34.5% of SpaceX’s third-quarter revenue, making it the largest customer.
Terafab Talks Reopen
DigiTimes reported that SpaceX and Tesla have restarted talks with TSMC over Terafab. TriOrient research executive Dan Nystedt said the talks could cover who runs the plant and how it gets funded.
That would be a turn from October. Musk said then that SpaceX and Tesla would build and run Terafab themselves, and he allowed TSMC only to sublease part of the site.
Terafab is a planned chip factory meant to make chips for AI computing and other uses. Musk expects a first test chip around May or June 2027, with volume production in the third quarter of 2028.
He has called that timeline highly ambitious. Plans like this tend to slip, so the dates are worth keeping an eye on.
Colossus 2 and Spending
Musk also gave an update on Colossus 2, the AI computing complex in Memphis. Two buildings each hold 220,000 Nvidia GB300 chips for AI training.
A third building should be running by the end of November with the same number of chips. A fourth will hold about 200,000 chips for AI inference and is expected to open in December.
Musk is targeting around 1.2 million Blackwell chips by year-end. He also defended the spending on X, writing that “our capex efficiency is greatly underestimated.”
He was replying to Kyle Reidhead of Milk Road, who estimates SpaceX needs about $470 billion in capital spending over five quarters. His model also projects quarterly revenue near $122 billion by late 2027, though these are his estimates and not company guidance.
SpaceX expects fourth-quarter capital spending of $35 billion to $40 billion. Third-quarter capex rose 185% to $19.6 billion, with 83% going to AI.
Third-quarter revenue rose 161% year over year to $14.58 billion. AI sales jumped 830% to $7.6 billion, or 52% of the total.
Other segments grew too. Starlink revenue rose 69% to $5.2 billion with 13.6 million subscribers, and launch revenue rose 6% to $1.8 billion from 12 launches.
Wall Street is still leaning positive. Of the analysts covering SPCX, 29 rate it Buy, five Hold, and one Sell, with an average target of $250.34.
Premarket trading on Monday showed SPCX up about 3%, with investors watching for the Gun Range building to come online by the end of November.
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