SpaceX (SPCX) Stock Rises as Musk Eyes Power Turbine Manufacturing

TLDR

• SpaceX stock rose 1.6% on Monday after Elon Musk said the company plans to enter power-turbine casting and blade manufacturing.
• The announcement sent GE Vernova down 1.5% and Howmet Aerospace down 7.5%.
• ARK Invest reportedly bought around $27 million of SPCX stock; consensus analyst rating is “Moderate Buy” with a $220.20 average price target.
• SpaceX reported 91.9% year-over-year revenue growth last quarter, beating EPS estimates by $0.17.
• A September 9 share unlock will expand the public float to around 17.7%, which could create selling pressure.

SpaceX (SPCX) stock climbed 1.6% on Monday, touching a high of $144.13 before closing at $143.69, after CEO Elon Musk announced plans to move into power-turbine casting and blade manufacturing.

Space Exploration Technologies Corp., SPCX

Musk posted on social media that “Casting of blades and vanes is the most limiting factor for power until solar AI satellites are launched at scale.” The market read it as a direct signal that SpaceX is moving into territory currently held by established industrial players.

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