Space Exploration Technologies Corp. (NASDAQ:SPCX) stock fell nearly 3% in Friday's premarket trading as investors pulled back from riskier stocks amid a sharp decline in technology futures.
Nasdaq futures dropped 2.17%, while S&P 500 futures declined 0.91%.
Yet even as the stock slides, SpaceX is attracting bullish commentary from investors who see Starlink, rocket launches and expanding AI infrastructure as long-term growth drivers, despite substantial capital requirements and growing competition in satellite broadband.
Fitz-Gerald Calls SpaceX Deeply Undervalued
Keith Fitz-Gerald of Fitz-Gerald Group told CNBC that SpaceX could represent one of the biggest bargains in the investment world, calling it the "single most undervalued opportunity on the planet."
He argued that the company's ability to reshape industries, despite controversy surrounding its business, creates a compelling long-term investment opportunity.
Fitz-Gerald contrasted SpaceX with Anthropic, which he described as a potentially generational investment opportunity but one carrying significant risks.
He raised concerns about Anthropic's technology, AI safety disclosures and potential initial public offering, warning that post-IPO volatility could challenge investors.
Ark Sees AI Expansion Fueling Growth
Ark Invest's Frank Downing told CNBC that his confidence in SpaceX is growing as the company advances its AI infrastructure plans.
Downing said SpaceX could add roughly 10 gigawatts of computing capacity, requiring substantial investment and additional fundraising.
He expects strong returns from renting computing capacity in short-term markets, citing favorable pricing trends.
Tesla Could Help Finance AI Expansion
Downing said a potential combination with Tesla Inc. (NASDAQ:TSLA) could provide SpaceX with cash flow from Tesla's future robotaxi operations.
Ark expects robotaxis to generate substantial cash flow and improve Tesla's margins, potentially helping finance SpaceX's AI expansion.
Downing also sees an opportunity for SpaceX to deploy space-based AI data centers beginning in the second half of 2027, potentially avoiding local opposition and environmental concerns that could delay terrestrial projects.
Amazon Leo Intensifies Competition
Meanwhile, Amazon.com Inc. (NASDAQ:AMZN) is advancing its satellite broadband service, Amazon Leo, formerly known as Project Kuiper.
Amazon CEO Andy Jassy said the service remains on track for an initial launch this year.
Chief Financial Officer Brian Olsavsky said Amazon expects to begin capitalizing certain satellite and launch costs in the first quarter of 2027 while expensing most Leo-related costs in the fourth quarter of 2026.
The rollout could intensify competition with SpaceX's Starlink service.
SPCX Price Action
SPCX Stock Price Activity: SpaceX shares were down 2.64% at $140.09 during premarket trading on Friday, according to market data.
