Matt Britzman, senior equity analyst, Hargreaves Lansdown:
“SpaceX delivered a strong quarter, but it’s so early in its life as a public company, that beating consensus carries little real weight. Analysts are still trying to work out what the business should look like, while Elon Musk is already describing what it might become over the next decade. For now, the numbers play second fiddle to that story. Starship and the next generations of Starlink remain critical to the post-2030 vision, but the financial engine over the next few years will increasingly be AI.
Musk has effectively gone all-in on building AI infrastructure. While demand remains high and SpaceX can bring clusters online faster than rivals, that looks like a compelling way to turn speed and access to hardware into revenue. So long as demand for intelligence continues to ramp, and it's hard for us to see that trend shifting, rental contracts should keep growing as more capacity comes online. SpaceX could soon resemble an AI infrastructure company with an extraordinary space business attached, and that is not an unattractive combination. Near term, however, lock-up expiries, a growing public float and upcoming Starship launches are likely to keep the shares volatile.”
Notes to Editors
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