SpaceX's Next Big Business May Be Renting Out AI Compute

This article first appeared on GuruFocus. TD Cowen initiated coverage of SpaceX (NASDAQ:SPCX) with a Buy rating and a $200 price target, arguing that leasing terrestrial AI computing capacity will become the company's fastest-growing revenue stream. The target implies about 37% upside from Monday's closing price of $145.47. SpaceX shares were up 1.03% in premarket. Warning! GuruFocus has detected 2 Warning Sign with SPCX. Is SPCX fairly valued? Test your thesis with our free DCF calculator. TD Cowen expects AI compute leasing, whose customers include Alphabet's (NASDAQ:GOOGL) Google and Anthropic, to make up the majority of SpaceX's revenue by the first quarter of 2027, driven by a ramp in terrestrial gigawatt capacity.