The Week

SpaceX rose 3.31% this week to close at $141.50, against a 0.49% gain for the S&P 500, outperforming the benchmark by about 2.82 percentage points. The move followed a dip-and-recover pattern: Monday (24 August) opened at $134.355, touched a low of $133.10 and settled near $135, before a steady climb through Tuesday and Wednesday. The stock pushed above $140 on Thursday, hit a weekly high of $143.29 on Friday, then pulled back to close at $141.50. Weekly amplitude came to 7.58%. Average daily volume of 57.0m shares ran roughly 30% below the 54-session median, so the advance was not backed by heavy turnover.

Key Events

This week’s story centred on three high-profile statements from Elon Musk. On Wednesday 26 August, reports said SpaceX planned to build a $100bn rocket base in Louisiana, with the state governor later dismissing environmental concerns about the Gulf Coast facility. The same day, Musk’s proposal to put millions of AI satellites in orbit drew expert pushback on logistics. On Friday 28 August, Musk said SpaceX could reach $3.5trn in revenue by 2033, seven years ahead of Morgan Stanley’s forecast, and announced half-price Starlink for residents near Starbase Louisiana. The Nvidia link was equally prominent: analysts suggested SpaceX may already account for nearly $5bn, or about 5%, of Nvidia’s quarterly revenue, and Nvidia’s outsized guidance after its earnings report fuelled speculation that SpaceX is a key driver. Over the weekend, OpenAI said it would end its partnership with Cursor, the AI coding tool owned by SpaceX, deepening the Musk-Altman feud.

The Week Ahead

Macro data will set the tone next week. The Dallas Fed manufacturing index lands on Monday 31 August; the S&P Global manufacturing PMI final print and ISM manufacturing PMI follow on Tuesday 1 September; ADP private payrolls and factory orders arrive on Wednesday 2 September. For SpaceX specifically, two threads from this week stay in focus: the funding and approval path for the $100bn Louisiana rocket base, and whether the end of OpenAI’s partnership with Cursor prompts any new moves on SpaceX’s AI tooling.

In Short

SpaceX outperformed the market this week on a dense news flow, but valuation and money flows point in different directions. The stock trades at a negative P/E of -208x and a price-to-book of 14.54x, with both EPS and TTM EPS still negative, so earnings are not yet there to support the current market value. In the latest session, large-lot money was a net seller, and medium and small flows were also net outflows. Musk’s 2033 revenue target and the Nvidia connection reinforced the long-term growth narrative, while the funding question behind the $100bn capex plan and the deteriorating OpenAI relationship remain unresolved. What matters next is whether money flows turn net positive at this valuation, and how the rocket base and AI angle actually unfold.

This article is generated by LongbridgeAI from market data, for information only and not investment advice.