Space Exploration Technologies Corp. (SPCX) is having a moment. The company just posted strong third-quarter results, demand for AI computing capacity keeps climbing, and the merger chatter with Tesla Inc. (TSLA) refuses to die down.

Start with the numbers, because they are the reason anyone is talking. SpaceX reported third-quarter revenue of $14.58 billion, comfortably beating the $12.74 billion estimate. Earnings came in at 35 cents per share, topping expectations of 12 cents. Revenue surged 161% year over year, driven by an 830% increase in Super Intelligence revenue and 69% growth in Connectivity.

Diamandis Sees $10 Trillion Potential

XPRIZE founder and early SpaceX investor Peter Diamandis told CNBC Wednesday that SpaceX could become the first $10 trillion company. He backed a potential Tesla merger, citing opportunities to combine AI, communications, energy and infrastructure.

Diamandis said SpaceX's growing revenue and profitability could attract funding. However, he identified energy and infrastructure as increasingly important constraints on AI expansion.

Wang Sees Merger Synergies

Constellation Research analyst Ray Wang told CNBC Thursday that combining SpaceX and Tesla could create synergies across engineering, batteries, automation and telecommunications. Wang sees SpaceX shares potentially reaching $300, above Goldman Sachs' $245 price forecast cited during the discussion. But he warned that integrating engineering teams and AI contracts could create execution challenges.

Oppenheimer Sees Strong AI Demand

Oppenheimer analyst Timothy Horan told CNBC Wednesday that SpaceX's revenue exceeded his expectations by about 25%. Horan considers a Tesla-SpaceX merger increasingly likely, citing complementary engineering, data and financing capabilities.

He estimated SpaceX could require roughly $500 billion in total capital, including $100 billion to $200 billion next year. Still, strong computing prices and rapid returns on graphics processing units could help finance expansion. He also warned that Starlink's growing broadband and mobile services could threaten traditional telecom operators.

Bernstein Favors Terrestrial AI Expansion

Bernstein analyst Doug Harned told CNBC Wednesday that terrestrial AI infrastructure offers greater near-term opportunities than orbital data centers. He highlighted potential short-term computing prices of $30 to $50 per watt and said SpaceX could add about 10 gigawatts of terrestrial capacity next year. However, Harned expects orbital data centers to develop more slowly.

He also sees opportunities in direct-to-device mobile connectivity, although SpaceX may need partnerships with established telecom carriers.

SPCX Price Action: SpaceX shares were down 2.52% at $155.30 during premarket trading on Thursday, according to market data.