SpaceX reports earnings and affirms ambitions to expand AI infrastructure via Starlink satellite services and companion compute platforms.

SpaceX shares rebounded ahead of the company's first quarterly report as a public company, scheduled to close Tuesday, as investors looked beyond an expected $1.9 billion net loss toward its AI infrastructure plans and Starlink growth. Analysts expect revenue near $6.8 billion for the second quarter, with Starlink growth offsetting losses from launch and artificial intelligence operations.

Management's outlook for AI infrastructure is likely to draw more attention than headline financial figures. SpaceX is developing space-based data centers that would use satellite networks to provide computing capacity. The company has also pursued terrestrial infrastructure agreements, notably with Anthropic, which agreed to pay SpaceX $1.25 billion monthly through May 2029 for computing capacity—though the arrangement was expected to generate lower initial payments during its ramp-up phase. Investors will scrutinize when these contracts will materially contribute to revenue and whether they can offset the high spending required to expand computing capacity.

Bernstein SocGen Group maintained an Outperform rating with a $239 price target, implying substantial upside from recent trading levels. The firm identified rapid Starship reuse as the most important factor supporting SpaceX's long-term valuation. A reusable Starship system could lower the cost of deploying satellites for orbital data centers and expand launch capacity. Bernstein identified semiconductor supply, regulatory approvals, and sustained computing demand as major risks that could determine how quickly SpaceX develops its planned satellite-based AI network. Competition from China, Starlink's international broadband expansion, and direct-to-device mobile business remain secondary considerations.

SPCX stock traded around $119.71, gaining 4.6%, extending recovery from a recent low near $105. This rebound followed losses exceeding 50% from a 52-week high of $225.64. Holding above $119.34 could allow the stock to challenge $124.15, with $130.67, $138.63, and $146.58 as higher resistance levels. Failure to remain above $119.34 could expose the stock to declines toward $114 and $110, with main downside support near $104.91. Despite the rebound, the broader trend remains weak—SPCX has fallen from above $172 in early July and remains below its June IPO price of $135.

Starlink remains SpaceX's strongest and only consistently profitable operating segment. Starlink's broadband subscriber growth will be critical, as that cash flow funds Starship development and the capital-intensive AI expansion. Wall Street will also examine management's spending plans for computing infrastructure, satellite manufacturing, and Starship testing, all of which require substantial capital before generating sustainable returns. For U.S. investors, the report will provide the first detailed test of whether SpaceX's public valuation can be supported by its operating results. Strong Starlink growth and clearer AI revenue guidance could support recovery, while higher spending or Starship reuse delays could renew pressure on shares.