SpaceX: Buy - The Elon Effect Hasn't Landed Yet
SpaceX is growing at triple digits, with Q3 revenue up 161% YoY to $14.6bn and Q1 2027 guidance of $33-37bn. The AI segment surged due to massive compute leases to Anthropic and Google, driving $26bn in annualized contracted revenue and a $63bn backlog. The Musk premium seen in Tesla has not materialized in SpaceX due to limited float, staggered lockups, and index weighting; the final major lockup expires December 8.
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