SpaceX 的 AI 业务收入超出预期，令此前看空该公司的 PhillipCapital 转而看好这家埃隆·马斯克巨头的股票。该机构将这家航天与 AI 公司的股票评级由“卖出”上调至“买入”，并将目标价从 75 美元上调至 250 美元。该价位意味着较周四收盘价有近 73% 的涨幅。
Stronger-than-expected revenue from SpaceX's AI business is making PhillipCapital — once a bear on the company — bullish about the Elon Musk giant's stock. The firm upgraded shares of the space and AI company to buy from sell, and hiked its price target to $250 from $75. That level implies an almost 73% gain from Thursday's close.
SpaceX 周二公布第三季度经调整每股收益 45 美分、营收 145.8 亿美元，均超出预期。分析师 Glenn Thum 在周五的研报中写道，该公司作为上市公司实现首次盈利，主要得益于三大催化剂。
SpaceX reported on Tuesday adjusted earnings of 45 cents per share and revenue of $14.58 billion for the third quarter, both exceeding expectations. The company delivered its first profit as a publicly-traded stock, which analyst Glenn Thum wrote in a Friday note, was driven by three catalysts.
Thum 在研报中表示：“1）SI 业务，随着新的云服务协议以更高租金价格上线，且 Cursor 从 8 月中旬起贡献 6.08 亿美元收入。”他指的是该公司以“超级智能”品牌命名的 AI 业务。“2）连接业务，航空安装和 Starshield 合同推动企业和政府营收同比增长 91%；3）经营杠杆，利润率更高的云服务使 SI 业务转亏为盈。”
"1) SI, as new cloud services agreements came online at higher rental prices and Cursor added US$608mn from mid-August," Thum said in the note, referring to the company's AI business as its branded "super intelligence" name. "2) Connectivity, as aviation installs and Starshield contracts lifted enterprise and government revenue 91% YoY; and 3) operating leverage, as higher-margin cloud services turned SI profitable." Thum said, though, he still sees full-year 2027 revenue as lower than that of what SpaceX might expect, based on annualization off its guidance for the first quarter of next year.
不过 Thum 表示，基于对明年第一季度指引的年化推算，他仍预计 2027 财年全年营收将低于 SpaceX 可能的预期。他称这是因为预期 SpaceX 算力业务扩张会有延迟，散热和电力是关键制约因素。但随着 Thum 上调预测，正是这一业务让他对公司更有信心。
He said that's because he expects delays in scaling SpaceX's compute business, with cooling and power key constraints to doing so. But as Thum raises his forecasts, it's that very business that is giving him more confidence in the company. "We like SPCX for compute demand running ahead of supply," he wrote.
他写道：“我们看好 SPCX，因算力需求跑赢供应。合同按更高的每瓦价格续约，新产能不到一年即可收回成本，且指引暗示 2027 年第一季度营收将超过 2026 年第三季度的两倍多。”
"Contracts are renewing at higher prices per watt, new capacity pays back in under a year, and guidance implies 1Q27 revenue more than double 3Q26."
周五盘前交易中，该股上涨 2%。SPCX 5D mountain SpaceX 5-day。
Shares were higher by 2% in premarket trading Friday. SPCX 5D mountain SpaceX 5-day.