SpaceX stock surged more than 6% on Thursday, September 3, pushing the company’s market value back above $2 trillion as investors renewed their focus on its rapidly expanding AI-infrastructure business. The rally came despite recent concerns about data-center construction and reliability, as enormous compute contracts with Anthropic and Google, accelerating AI revenue and a broader technology-stock rebound reminded Wall Street why artificial intelligence has become almost as important to the SpaceX investment story as rockets and Starlink.
The move also benefited from a stronger market backdrop. Federal Reserve Governor Christopher Waller indicated that policymakers could leave rates unchanged if inflation continues easing, sending Treasury yields lower and helping technology shares rally. The Nasdaq gained more than 1%, but SpaceX substantially outperformed the broader market, suggesting Thursday’s advance reflected more than simple interest-rate relief. Investors were once again pricing the possibility that SpaceX can become a major supplier of scarce AI computing capacity while using its engineering and energy expertise to build infrastructure faster than traditional data-center operators.
Why SpaceX Stock Is Rallying Again
SpaceX shares traded above $150 during Thursday’s session, rising roughly 6% to 8% depending on the point in the day and lifting its market capitalization beyond $2 trillion for the first time since early July. The rebound is notable because SPCX had spent much of the summer under pressure as investors questioned the extraordinary capital required for AI, Starship and other projects.
Renewed attention on AI infrastructure helped change that narrative. Oppenheimer analyst Timothy Horan has highlighted SpaceX’s ability to deploy infrastructure rapidly and its increasingly important AI capabilities, while the company’s public filings show that AI is already contributing billions of dollars to revenue rather than remaining a distant future project.
For investors, that distinction matters enormously. SpaceX entered public markets primarily known for rockets and Starlink, but its valuation increasingly assumes that the company can also become a major AI-compute provider.
Related articles
The question is whether the economics can justify the spending.
AI Revenue Is Already Exploding
SpaceX’s second-quarter filing provides the clearest evidence of how quickly the business is changing. AI segment revenue increased by approximately $1.82 billion, or 247.5%, from the year-earlier quarter. The increase was driven primarily by $1.6 billion of additional AI-infrastructure revenue as SpaceX began providing cloud-computing services to outside customers, alongside stronger Grok and X subscription revenue.
That growth has transformed AI from an internal research project into a potentially significant commercial business.
SpaceX’s first-quarter filing showed that the AI segment generated $818 million of revenue during the first three months of 2026. But it also recorded a $2.47 billion operating loss and consumed $7.72 billion of capital expenditure during that quarter alone, highlighting the massive amount of money required to build the underlying infrastructure.
That spending explains why investors remain divided.
The bull case is that SpaceX is investing aggressively while compute remains scarce and customers are willing to sign enormous contracts. The bear case is that the company is pouring billions into infrastructure whose economics could deteriorate if AI-compute supply eventually catches up with demand.
For now, customer commitments suggest scarcity remains very real.
Anthropic Is Paying $1.25 Billion Every Month
One of the most striking agreements is SpaceX’s contract with Anthropic.
SpaceX disclosed to the SEC that Anthropic agreed to lease compute capacity across its COLOSSUS and COLOSSUS II facilities. The capacity includes approximately 325,000 Nvidia GPUs supported by high-performance CPUs, storage and networking infrastructure designed for AI workloads.
The price is extraordinary.
Anthropic agreed to pay SpaceX $1.25 billion per month through May 2029, after an initial capacity ramp. That implies a contractual run rate of $15 billion annually if the full monthly payment remains in effect.
The agreement also illustrates why SpaceX is willing to spend so aggressively on AI infrastructure. When data-center capacity can produce billions of dollars in annual revenue from a single customer, building additional facilities can generate enormous returns—at least while demand remains tight.
Anthropic itself has become increasingly aggressive about securing computing power. Reuters reported this week that the AI developer has committed to several massive infrastructure deals, including approximately $30 billion through Microsoft and Nvidia, roughly $45 billion with Nscale and the SpaceX arrangement.
That provides strong evidence that SpaceX is participating in a genuine shortage of high-end AI compute rather than manufacturing demand internally.
Google Adds Another Billion-Dollar-Per-Month Opportunity
Google has also signed a major SpaceX compute agreement.
According to an SEC filing, SpaceX agreed in June to provide Google access to approximately 110,000 Nvidia GPUs along with CPUs, memory and other infrastructure. Google agreed to pay $920 million per month from October 2026 through June 2029 after the capacity ramp.
Combined with Anthropic, the two agreements could produce more than $2 billion of monthly revenue at full contractual rates.
But the Google agreement also exposes the risk.
SpaceX must provide the committed GPU capacity by September 30. After a one-month grace period, Google can terminate the contract if SpaceX fails to deliver or accept lower capacity with a proportional reduction in monthly payments.
That makes data-center execution directly relevant to SpaceX stock.
A construction delay is not simply an engineering inconvenience. It can translate into postponed revenue, reduced fees or even the loss of a major contract.
Recent Data-Center Problems Show Why Execution Matters
This week’s rally comes only days after investors received a reminder of that execution risk.
SpaceX reportedly reorganized the leadership team responsible for AI data centers after engineering concerns, delays and reliability problems emerged at facilities in Tennessee and Mississippi. Managers from SpaceX’s rocket and Starlink businesses were brought into the operation as the company sought to strengthen construction and engineering discipline.
The development initially raised concern that SpaceX could struggle to scale data centers as rapidly as management intends.
That fear has not disappeared simply because the stock rallied Thursday.
High-performance AI facilities require much more than GPUs. They need enormous amounts of electricity, cooling, networking, backup power and carefully engineered buildings. Even a small weakness in one part of that system can leave billions of dollars of hardware underutilized.
SpaceX’s response could ultimately prove positive. Moving experienced managers from rocket and satellite operations into AI infrastructure suggests management recognizes the problem and is attempting to apply the same execution culture that allowed the company to scale launches and Starlink.
Investors will now want evidence that the leadership changes improve reliability without materially slowing deployment.
AI Strategy Goes Far Beyond Leasing GPUs
SpaceX is also using its infrastructure internally.
Its SEC disclosures say Grok 5 is being trained at COLOSSUS II, meaning SpaceX can allocate compute between proprietary artificial-intelligence products and third-party customers depending on economics and strategic priorities.
That flexibility creates what SpaceX describes as a dual monetization strategy.
When external customers are willing to pay enormous prices for compute, SpaceX can lease capacity. When internal AI applications provide greater strategic value, it can use the same infrastructure to train or operate Grok and other products.
The model could eventually extend into space.
SpaceX has repeatedly described a long-term vision in which AI compute infrastructure moves beyond terrestrial data centers, potentially using orbital platforms and large-scale solar power to overcome energy constraints on Earth. That concept remains far more speculative than the existing Anthropic and Google contracts, but it highlights how deeply management has integrated AI into the company’s long-term strategy.
The Energy Bottleneck Could Become Competitive Advantage
Electricity is increasingly one of the biggest constraints on AI expansion.
Data-center developers across the United States are requesting enormous grid connections, creating long queues and rising political resistance in some states. Reuters reported Thursday that Texas lawmakers and political leaders are becoming more skeptical of large data centers because of concerns over electricity costs, water usage and relatively limited employment creation.
That environment may favor companies capable of supplying more of their own energy infrastructure.
SpaceX has been developing internal power-generation capabilities and expanding its involvement in turbine equipment and deployable generation. The company’s willingness to solve power constraints itself fits its broader vertical-integration philosophy.
If electricity rather than GPUs becomes the dominant constraint on AI growth, access to reliable power could become as strategically valuable as access to semiconductor supply.
That is one reason investors increasingly view SpaceX as more than simply another cloud provider.
The $2 Trillion Valuation Leaves Little Room for Failure
The biggest argument against SpaceX stock remains valuation.
At more than $2 trillion, the company is already being valued alongside the world’s largest technology businesses despite simultaneously spending enormous amounts on Starship, Starlink, AI data centers, semiconductor ambitions and additional infrastructure.
The AI business remains particularly capital intensive. SpaceX’s early-2026 filings showed billions of dollars of AI capital expenditure while the segment was still posting substantial operating losses.
The economics can work if customer demand remains strong enough.
Anthropic’s $1.25 billion monthly contract and Google’s $920 million commitment show how quickly revenue can scale when capacity becomes operational. But if compute prices fall, customers exercise termination rights or construction costs rise materially, returns on those enormous investments could disappoint.
Investors are therefore paying today for years of successful execution.
That makes SpaceX unusually sensitive to delays.
Is SpaceX Stock a Buy After the 6% Rally?
The bullish case became stronger Thursday because investors are rediscovering how valuable SpaceX’s AI infrastructure could become. AI revenue is already growing triple digits, two major customers have committed billions of dollars, and demand for high-end computing capacity remains strong across the industry.
SpaceX also possesses advantages that few competitors can replicate easily: access to capital, advanced engineering talent, large-scale energy ambitions and a culture built around rapidly deploying difficult physical infrastructure.
The bearish case is equally substantial.
The stock is valued above $2 trillion, AI capital spending is enormous, recent data-center issues demonstrate execution risk, and customer contracts contain provisions that can reduce future revenue if SpaceX fails to deliver capacity.
That makes SPCX less forgiving than its 6% rally might suggest.
Outlook: AI Is Becoming the Second Engine
Investors should now watch the September 30 Google capacity deadline, Anthropic utilization, data-center reliability and any updates on new facilities. Starship remains a critical part of the SpaceX valuation, but AI infrastructure has clearly become a second major earnings engine.
The market backdrop also matters. Thursday’s decline in Treasury yields helped expensive technology stocks recover, and another sharp rise in rates could pressure SpaceX even if its fundamental AI story remains intact.
But Thursday’s rally sends a clear message.
Wall Street is beginning to look beyond SpaceX’s rockets and recognize that scarce electricity, GPUs and data-center capacity could create another enormous business inside the company.
SpaceX has already proved customers will pay billions for its AI compute. Now the $2 trillion question is whether it can build that infrastructure fast enough—and reliably enough—to turn those contracts into the profits investors are already pricing into SPCX stock.
