Why is Space Exploration Technologies stock rallying today?

Space Exploration Technologies Corp stock rose 2.0% in morning trading to reach $149.83 after Anthropic disclosed it would pay SpaceX up to $120.5 billion for AI computing infrastructure through 2029, a deal that immediately validated the company’s aggressive push to build out one of the world’s largest terrestrial compute platforms. The agreement underscores the commercial demand for SpaceX’s Superintelligence segment, which already generated $7.6 billion in revenue during the third quarter at a 66% EBITDA margin, surpassing Starlink connectivity revenue for the first time.

On the analyst front, Deutsche Bank raised its SpaceX price target to $250 from $235 today while maintaining a Buy rating, adding to a wave of upgrades and target hikes that followed the company’s blowout third-quarter earnings on October 20. That earnings beat — with EPS of $0.35 against a $0.13 estimate and revenue of $14.58 billion against a $12.87 billion forecast — set the stage for continued positive sentiment, while the recently closed $40 billion GPU lease with Apollo Global Management for next-generation Nvidia Vera Rubin chips further solidified SpaceX’s AI infrastructure ambitions.

The broader market provided a constructive backdrop, with the S&P 500 up 0.3% and the Nasdaq up 0.7% in morning trading, as investors positioned ahead of a busy earnings week and the start of the Federal Reserve’s two-day policy meeting, with a rate decision expected Wednesday. The ongoing Tesla-SpaceX merger narrative — with special committees at both companies formally evaluating a combination — continued to generate secondary interest in SPCX shares.

Together, the Anthropic compute contract, fresh analyst conviction, and a supportive macro environment combined to push SPCX higher today, as investors increasingly view the company’s Superintelligence segment as a durable, high-margin growth engine capable of transforming SpaceX from a launch-and-connectivity business into one of the world’s premier AI infrastructure providers.