SpaceX (SPCX) Stock Climbs to $142 as Texas Land Fight and Space Compute Take Focus

TLDR

• SpaceX (SPCX) stock closed at $142.07 Monday, up 5.81%, its second straight gain.
• Texas Governor-elect Gina Hinojosa asked for a pause on a proposed Boca Chica land transfer to SpaceX.
• Stifel kept its Buy rating and $190 target, which implies 34% upside.
• Q3 revenue hit $14.6 billion, up 161%, with net income of $4.4 billion.
• Analyst Jeff Pu sees about 10,000 AI server racks in space by 2028.

SpaceX (SPCX) stock closed at $142.07 on Monday, up 5.81% for its second straight gain. It edged up another 0.3% overnight heading into Tuesday.

The bounce follows a rough start to the week. On Thursday, the stock fell as much as 11% after Democrats won both chambers of Congress and the Texas governor’s race.

On Friday, the stock jumped 8.62% to close at $134.27. Elon Musk helped by saying government contracts should be under 10% of fourth-quarter revenue.

Buyers also had Q3 results to lean on. Revenue hit $14.6 billion, up 161% from a year ago and above the $12.7 billion analysts expected.

Net income was $4.4 billion, versus a $1.1 billion loss a year earlier. About $1.6 billion of that came from below the operating line, leaving operating income at $2.8 billion.

Space Exploration Technologies Corp., SPCX

Texas Politics Move Into the Frame

Hinojosa has asked Texas Parks and Wildlife to hold off on a proposed public-land transfer to SpaceX. The land sits near Boca Chica, where Starbase operates in Cameron County.

During the campaign, she said, “Texas is not for sale.” She made the pause request after winning.

Tesla influencer Alexandra Merz then turned the spotlight on Hinojosa’s own family. She asked for recusals, public-funding disclosures and Southwest Key board minutes from 2021 and 2022.

Her concerns centered on Hinojosa’s husband, John Donisi, and stepmother, Cyndi Hinojosa. Merz said nothing public showed Cyndi did anything wrong, and she found no evidence Donisi profited.

Stifel kept its Buy rating and $190 target. The firm said SpaceX’s $40 billion GPU financing commitment could help it buy stalled sites that already have power.

The Numbers Behind the AI Push

Super Intelligence revenue rose 830% to $7.6 billion, now the biggest slice of sales. Starlink connectivity revenue climbed 69% to $5.2 billion.

Starlink added 1.6 million consumer subscribers, short of the 2.29 million analysts expected. Anthropic made up 34.5% of Q3 revenue, or about $5 billion.

Pu, of GF Securities, expects about 5 gigawatts of space compute by 2028. His forecast has 72 Rubin GPUs in each rack and four working Starship pads by the end of 2027.

New Street Research’s Pierre Ferragu said space bandwidth is already much cheaper than the ground version. He expects compute to follow, with a gap of about 25%.

SpaceX raised its fourth-quarter capital spending guidance to $35 billion to $40 billion. It also guided first-quarter revenue to $33 billion to $37 billion.

The cost of insuring SpaceX debt hit a new high, and SpaceX and Tesla formed special committees to discuss a merger. The average analyst target sits near $254.

Starship Flight 15 is expected later this week. The next earnings report is due in early February 2027.

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