🚀 Bernstein to SpaceX: We Saw the Earnings, Now Show Us the AI Brains

SpaceX shares rose nearly 3% during Tuesday's session and traded above $111, extending a modest rebound after a steep decline that left the stock more than 50% below its post-IPO record high. The gain came ahead of the company's first quarterly earnings report since its June initial public offering.

Bernstein SocGen Group reiterated its Outperform rating and maintained a $239 price target on SpaceX ahead of the earnings release scheduled after Tuesday's market close. The firm told investors that quarterly financial performance matters less than the company's long-term artificial intelligence roadmap.

Analysts said investor focus remains on whether SpaceX can launch enough satellites to support its planned space-based data center network. The firm identified rapid Starship reuse as the biggest factor that could influence the company's long-term valuation. Bernstein also flagged semiconductor availability, regulatory approvals and sustained demand for computing capacity as core issues.

The brokerage added that China competition, Starlink's global broadband opportunity and the direct-to-device mobile business remain secondary considerations. SpaceX is expected to outline details on AI infrastructure and Starlink expansion in the coming quarters.