JPMorgan says SpaceX stock could triple, raises target to $500
Big news for SpaceX fans: JPMorgan thinks SpaceX's stock could more than triple after a strong third-quarter earnings report.
The bank just bumped its price target up to $500, pointing to AI as a major reason.
SpaceX shares surged over 9% early Wednesday, one day after SpaceX's latest financial results.
SpaceX beats expectations with $14.6B revenue
SpaceX beat Wall Street expectations with $14.6 billion in revenue and 45 cents per share in earnings last quarter (pretty impressive considering the recent dip in its stock).
Elon Musk is aiming high, saying annual recurring revenue might hit between $500 billion and $1 trillion by 2027, thanks to big moves in AI and tech upgrades.
SpaceX could reach 13 GW
The company could boost its computing power to 13 gigawatts by 2027 using NVIDIA tech and its recent deal to acquire AI code editor Cursor.
These steps are all about staying ahead in the industry and opening up new ways to make money down the line.