Where Will SpaceX Stock Be in 5 Years?

• SpaceX IPO stock down 41% from June peak. • AI business now driving majority of revenue growth. • Terafab project risks $119B capex over five years. SpaceX shares (SPCX) have fallen 41% from their June high, trading below the IPO price. While space and connectivity still account for 67% of revenue, AI has become the primary growth driver, with Q2 sales up 92% YoY. High-profile deals with Anthropic and Google could generate $26B annually. However, the $119B Terafab chip project carries significant execution and dilution risk. Despite a P/S ratio drop to 61, the stock remains expensive versus the S&P 500, and rising competition may limit future margins.