SpaceX Stock Jumps 7% After Musk AI Revenue Pledge as Cooler CPI Data Boosts Tech Markets

SpaceX shares (SPCX) surged roughly 7% on Wednesday to $142.62, recovering from Tuesday's 3.9% decline and climbing back above their $135 IPO price, after CEO Elon Musk told employees at an all-hands meeting that AI revenue could surpass the combined income from SpaceX's rocket, spacecraft, and Starlink satellite-internet businesses as soon as September. Musk projected AI could eventually generate up to $500 billion annually and represent 99% of SpaceX's total value, while also outlining expectations for Starlink to carry more than 90% of global internet traffic and grow to a constellation of 100,000 satellites. Separately, ally Antonio Gracias disclosed a stake of 503.4 million SpaceX shares, representing 6.5% of Class A stock, through Valor-related entities.

The SpaceX rally unfolded against a broadly supportive macro backdrop: the Bureau of Labor Statistics reported that the Consumer Price Index rose just 0.1% in July on a seasonally adjusted basis, pulling the annual inflation rate to 3.4% from 3.5% in June, reducing fears of a near-term Federal Reserve rate hike and lifting the Nasdaq. Other technology and AI-adjacent names, including Nvidia, Broadcom, Micron, CoreWeave, and Cerebras Systems, also posted gains on the session.