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SpaceX Shares Climb on $120.5 Billion AI Infrastructure Deal with Anthropic
Space Exploration Technologies Corp. (SPCX) shares rose Tuesday morning after the company disclosed a major artificial intelligence infrastructure agreement with Anthropic valued at up to $120.5 billion. The stock was trading up 2.0% at $149.83 in morning activity on October 27, according to a report from Investing.com.
Superintelligence Segment Validated
The contract, which runs through 2029, will see Anthropic pay for access to SpaceX's growing terrestrial AI computing platform. This agreement provides significant commercial validation for the company's Superintelligence division, which is rapidly becoming a key growth engine.
The segment has already demonstrated strong performance, generating $7.6 billion in revenue during the third quarter at a 66% EBITDA margin. According to the report, this surpassed the company's Starlink connectivity revenue for the first time, signaling a strategic shift in its business model.
Analyst Confidence and Earnings Momentum
The news prompted fresh optimism from Wall Street. Analysts at Deutsche Bank raised their price target on SpaceX shares to $250 from a previous $235, while maintaining a Buy rating. This follows a series of positive analyst revisions since the company's strong third-quarter earnings report on October 20.
AdFor the third quarter, SpaceX posted significant beats on both top and bottom lines:
- Earnings per share (EPS): $0.35, more than double the $0.13 consensus estimate.
- Revenue: $14.58 billion, well ahead of the forecast of $12.87 billion.
Strategic AI Push and Market Context
The Anthropic deal follows other strategic moves by SpaceX to solidify its position in AI infrastructure, including a recently closed $40 billion GPU lease with Apollo Global Management for next-generation Nvidia chips. Investors are increasingly viewing the company as a premier AI infrastructure provider rather than just a launch and connectivity business.
A constructive market backdrop provided additional support, with the S&P 500 and Nasdaq gaining 0.3% and 0.7% respectively, as investors looked ahead to a Federal Reserve policy decision. The ongoing evaluation of a potential merger between Tesla and SpaceX also remains a secondary factor for investors, according to the report.
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