SpaceX SPCX, the launch, satellite and AI-infrastructure company, gave back part of its two-day surge Friday, dropping 2.4% to $151.08. The pullback came after the shares climbed 5.2% Wednesday and another 2.6% Thursday, putting the spotlight back on whether SpaceX can turn its enormous AI buildout into equally enormous economic returns.
The scale of that buildout is hard to ignore. Barron's reported that SpaceX exited the second quarter with 1.4 gigawatts of AI-compute capacity and is targeting 10 gigawatts by the end of 2027. That means adding roughly 8.6 gigawatts in little more than a yearmore than six times its current installed basebefore factoring in any longer-term ambitions around orbital computing. Building the capacity is one challenge. Keeping those expensive processors busy enough to earn attractive returns is the bigger one.
The GuruFocus picture is already flashing caution. SpaceX carries a GF Score of just 15 out of 100 for 2026, with particularly weak readings in GF Value, momentum and growth, while financial strength stands out as the comparatively better component. That matters because raw computing capacity does not automatically create shareholder value: processors, electricity, cooling infrastructure and financing all have to be paid for before the economics become compelling. Until SpaceX provides clearer evidence on utilization, customer commitments and returns on invested capital, investors are still being asked to price the promise of 10 gigawatts without seeing exactly how profitably those watts will be monetized.
