SpaceX's Twin Gambits: Direct-to-Cell Spectrum Meets a $40 Billion AI Chip Bill
Published on 10/12/2026 at 14:31 | Editorial boerse-global.de
SpaceX has crossed a line that few companies ever approach: the point where a rocket builder's balance sheet must also carry the weight of a telecom carrier and an artificial-intelligence infrastructure play. Friday's close of €145.20 left the stock comfortably above its 50-day moving average of €126.20, yet still 25% shy of its 52-week high of €194.46 — a gap that neatly captures how much optimism has returned without erasing the doubts.
The shares added 1.1% in today's session to €146.82, but the real story lies beneath the ticker. Two capital-hungry projects are now running in parallel, and Wall Street cannot agree on what they are worth.
Two Deals, One Strategy
At the heart of the direct-to-device push sit two pillars: orbital capacity and terrestrial airwaves. The FCC has authorized a next-generation constellation of up to 15,000 satellites for Starlink Mobile, a clearance that stands apart from the units already operating in orbit. That approval arrived roughly a week before SpaceX moved to buy Grain Management's nationwide 800-MHz spectrum portfolio. According to Reuters, citing The Wall Street Journal, the cash price comes to about $8 billion; the parties have not officially disclosed the financial terms, and the deal still hinges on FCC approval and customary conditions.
Meanwhile, the company is negotiating $40 billion in debt financing to procure Nvidia semiconductors, according to media reports. The vision — merging orbital networks with high-performance data centers — is technologically striking, but it ties up enormous sums before the first returns from mass-market mobile service can flow. Anyone buying here is betting SpaceX can dominate two extraordinarily capital-intensive industries, telecommunications and AI, at the same time.
Should investors sell immediately? Or is it worth buying SpaceX?
The Analyst Divide
The spread in price targets tells the story of that disagreement. Morgan Stanley reaffirmed its Outperform rating on October 6 with a $300 target; analyst Adam Jonas argued the market underestimates SpaceX's potential in computing power and AI, and pointed to the upcoming 15th Starship test flight as a key operational catalyst.
Susquehanna took a different view. On October 7, analyst Charles Minervino raised his target from $144 to $173 but kept his Neutral stance — a price objective barely above the current level, reflecting the caution that regulatory uncertainty over spectrum clearance and steep integration costs would seem to justify.
Barclays landed firmly in the bullish camp on Friday, launching coverage with an Overweight rating and a $254 target. The bulls lean on the global scalability of the offering; the skeptics point to regulatory hurdles and the heavy capital outlay required to build out the network.
A Launch Manifest That Keeps Moving
The operational cadence has not slowed while the financing debate plays out. A Falcon 9 is scheduled to lift off tomorrow, October 13, carrying the CRS-35 cargo resupply mission for NASA — a reminder that the routine business still runs alongside the grander ambitions.
What happens next depends on execution. Until the multibillion-dollar chip financing is settled and the FCC rules on the spectrum contracts, volatility looks likely to persist. The long-term growth case is undeniably large, but the valuation premium now demands flawless operational delivery — and the speed at which SpaceX converts these plans into revenue will be the decisive factor in how the market prices the stock from here.
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