华尔街开始认可对太空探索技术公司（SpaceX）的看涨观点，CNBC的吉姆·克勒默周三表示——这表明埃隆·马斯克宏伟的愿景可能比投资者预期的更快成为现实。
Wall Street is starting to validate the SpaceX bull case, CNBC's Jim Cramer said Wednesday — a sign that Elon Musk's ambitious vision may be becoming reality faster than investors expected.
“正在上调价格目标，太空探索技术公司，”这位《疯狂金钱》节目主持人说道。“要习惯听到这个消息。”高盛是最新一家上调SpaceX价格目标的公司。在周二的一份报告中，分析师将目标价从每股220美元上调至230美元，并重申了“买入”评级。这一新的目标价意味着较周三收盘价约有37%的上涨空间，也比该公司6月16日创下的历史最高价225.64美元高出约5美元，而那次创纪录的首次公开募股仅几天前才发生。克勒默表示，高盛此举的意义远不止于每股10美元的额外涨幅。
"Taking price target up, Space Exploration Technologies," the "Mad Money" host said. "Get used to hearing it." Goldman Sachs is among the latest to raise its SpaceX price target. In a Tuesday note, the analysts went to $230 per share from $220 and reiterated their buy rating. That new SpaceX target implies about 37% upside from Wednesday's close, and it's about $5 per share above the stock's all-time high of $225.64 on June 16, just days after its record-breaking initial public offering. Cramer said the significance of the Goldman call goes beyond the additional $10 in share price.
在那次创下历史高点后不久，SpaceX便陷入了困境。当股价在8月初一度跌至104.83美元时，克勒默表示，高盛最初220美元的价格目标看起来更像是愿景而非分析结果。如今在股价仍远低于该目标的情况下，高盛决定上调目标价，这让克勒默认为最初的估值正变得越来越可信。“从220美元到230美元的10美元上调，实际上是对他们此前220美元目标价的认可，这意味着当股价处于167美元时，这一目标确实有其意义，”他补充道。
Shortly after that record high, SpaceX fell on hard times. When it traded as low as $104.83 in early August, Cramer said Goldman's original $220 price target seemed more aspirational than analytical. The firm's decision to raise its target with shares still well below it suggests to Cramer that the original valuation is becoming more credible. "The $10 bump from $220 to $230 ratified their previous $220 figure, which means something with the stock at $167," he added.
“也许这项分析确实具备一定的严谨性。”克勒默多次为SpaceX辩护，反驳那些认为该公司股价昂贵且仅受散户投资者青睐的批评者。根据FactSet的数据，该股目前的市盈率约为未来12个月每股收益预测值的137倍。他表示，这一估值反映的是一家拥有多条增长路径的公司，从星链卫星互联网网络和可重复使用火箭业务，到更长期的数据中心发展计划。
"Maybe there really is some rigor to this analysis." Cramer has repeatedly defended SpaceX against critics who view it as an expensive stock favored by retail investors. The stock currently trades at roughly 137 times next 12 months' earnings per share estimates, according to FactSet. He said the valuation reflects a company with several avenues for growth, from its Starlink satellite internet network and reusable rocket business to its longer-term data center ambitions.
此外，SpaceX还通过将多余的算力出租给Anthropic和Alphabet旗下的谷歌等公司来创造收入。
SpaceX is also generating revenue by renting excess computing power to companies including Anthropic and Alphabet's Google.
这家计算业务显然正朝着成为多头行情中更大组成部分的方向发展——媒体报道称，SpaceX 正寻求额外筹集 400 亿美元，以购买更多英伟达芯片并扩大其运营。率先报道此事的《金融时报》称，这笔交易可能包括 100 亿美元的银行贷款以及另外 300 亿美元的投资级债务。
That compute business is apparently on track to become an even bigger part of the bull case — as evidenced by media reports that SpaceX is seeking to raise an additional $40 billion to buy more Nvidia chips and expand its operation. The Financial Times, which was first on the story, said the deal could include $10 billion in bank loans and an additional $30 billion in investment-grade debt.
“为什么不这么做呢？马斯克可以立即利用这些芯片盈利，”克雷默说道。“按照这个速度，SpaceX 最终可能会成为英伟达最大的客户。这对双方来说都是极好的消息。”克雷默仍然认为 SpaceX 不适合他的慈善信托基金——即 CNBC 投资俱乐部使用的投资组合——但他表示，该公司的进展正使其曾经雄心勃勃的潜力变得日益具体。“俱乐部成员们，请保持关注，因为 SpaceX 实现其目标的可能性正变得越来越大，而且可能比特斯拉早得多，”他说。
"Why not [do it]? Musk can immediately monetize these chips," Cramer said. "SpaceX could end up being Nvidia's largest client at this pace. That's fantastic news for both sides." Cramer still doesn't consider SpaceX appropriate for his Charitable Trust, the portfolio used by CNBC's Investing Club, but he said the company's progress is making its once-ambitious potential increasingly tangible. "Club members, stay tuned, because it's becoming more and more likely that SpaceX could come to fruition a lot earlier than Tesla ever did," he said.
当然，英伟达长期以来一直是俱乐部投资组合中的一只持仓股。克雷默在俱乐部的晨间会议早些时候表示，SpaceX 的融资也将对英伟达有利。“马斯克正在做（英伟达首席执行官黄仁勋）所阐述的事情，也就是说：‘购买我们的计算产品，然后将其借出去，你就能大赚一笔，’”他补充道。
Nvidia, of course, has been a longtime holding in the Club portfolio. Cramer said earlier during the Club's Morning Meeting that a SpaceX raise would also be a win for Nvidia. "Musk is doing what [Nvidia CEO Jensen Huang] outlined, which is to say, 'Buy our compute and then lend it, and you'll make a fortune," he added. Sign up now for the CNBC Investing Club to follow Jim Cramer's every move in the market. Questions for Cramer?
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