SpaceX shares jump 7% on strong AI-driven earnings beat

SpaceX shares rose 7% to $159.13 on Wednesday after the space and AI company reported better-than-expected third-quarter results and issued an optimistic revenue forecast, boosting sentiment across chipmakers and data center infrastructure suppliers. Revenue surged 161% year-over-year to $14.58 billion, beating Wall Street's $12.9 billion estimate, while net income reached $4.4 billion, a turnaround from a year-earlier loss. The Super Intelligence division generated $7.6 billion in revenue, up 830%, and accounted for over half of quarterly sales for the first time. The company plans to spend $35–$40 billion next quarter and scale AI computing capacity from 1.7 gigawatts to 3 gigawatts by year-end, potentially reaching 13–20 gigawatts by 2027. Analysts raised price targets, though Morgan Stanley and KeyBanc warned of risks around power access, execution, and external financing needs.