SpaceX's Software Bet Pays Off as Wall Street Looks Past Share Unlock
Published on 09/23/2026 at 08:12 | Editorial boerse-global.de
SpaceX is no longer just a rocket company, and the numbers backing that claim keep getting louder. Roughly a month after launch, the company's autonomous software assistant Grok Bot — run through its SpaceXAI subsidiary — reached 418,000 weekly users on September 14, a 24% jump from the prior week, according to a company presentation in London cited by Bloomberg.
The tool functions as a digital employee, independently handling administrative workflows such as invoice processing, software debugging and customer database management. It is sold both as a standalone application and bundled into enterprise subscriptions. Earlier in the week, the company rolled out Grok 4.7, a more advanced model built for complex programming and analytical tasks.
That push into enterprise software sits alongside a broader strategic pivot: SpaceX is steadily transforming from a pure-play space pioneer into a vertically integrated technology provider — and, increasingly, a global telecommunications operator with its own launch fleet.
Starlink and Computing Power as the Earnings Engine
The connectivity business built around the Starlink satellite network anchors the bull case. Bernstein rates the stock a buy with a price target of $248, with analyst Douglas Harned pointing to the long-term earnings potential of the satellite constellation. At William Blair, analyst Louie DiPalma reaffirmed his buy rating and flagged sustained demand in the data center segment.
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Computing capacity is emerging as a second major revenue pillar. Chief Financial Officer Bret Johnsen said the company locked in a new computing contract worth $1.11 billion per month, following earlier deals with partners including Anthropic and Google.
Meanwhile, the satellite constellation's scale shows up in launch cadence. The steady densification of the network serves coverage today while laying groundwork for future performance tiers such as the Starlink V3 satellites. Government customers remain a key leg of the launch business: a rocket flying from Vandenberg on September 16 carried a classified U.S. Space Force mission, with its first stage landing on a drone ship in the Pacific. SpaceX had already completed another military order for the same agency on September 10.
NASA, for its part, extended an existing agreement for crewed flights to the International Space Station by three additional missions. The award is valued at $946 million and lifts the contract's total volume to $5.92 billion, with cooperation extended through 2030.
Beyond Government Budgets
Those figures also expose the limits of relying on agency budgets alone. State space funding grows only moderately and is bound by strict guidelines. SpaceX is therefore working to open additional commercial fields beyond Starlink. Through its new Starfall division, the company signed its first European customer — mission integrator Space Cargo — to offer return-cargo services from orbit.
Investors have rewarded the widening operational base. The stock closed Tuesday at EUR 134.92, a gain of 1.8%, putting the company's market value at EUR 1,759.51 billion. Market participants are crediting the company with having working revenue streams that cushion its heavy investment needs.
A Lockup Expiry Meets Fresh Index Demand
A key date lands Thursday, when a lockup period expires and frees up to 328.4 million common shares for regular trading. The tranche is part of a staggered series of expirations stretching over coming months that will gradually expand the freely tradable float.
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Offsetting potential selling pressure is stepped-up institutional demand. Passive index funds tracking the benchmark index must adjust their holdings and acquire additional shares.
Sentiment in the analyst community remains broadly constructive despite the coming share release. The open question is whether new revenue streams from AI services and data processing will be enough to absorb the growing supply of stock in the sessions ahead.
For investors, the apparent contradiction between SpaceX's visionary ambitions and its more mundane role as a network operator may be the real source of strength. Income from satellite communications worldwide creates the financial independence needed to push costly development programs like Starship forward without constant external rescue operations. The business in orbit has arrived in the industrial age.
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