SpaceX shares fell 12% in the company’s first full quarter as a public company, which ended September 30.
At quarter-end, short-seller Jim Chanos highlighted a reduction in the company’s Starship launch forecast. CEO Elon Musk’s projection for 2027 has shifted from daily flights to once or twice a week.
Wall Street analysts remain bullish. Needham maintained its Buy rating and $250 price target, implying significant upside.
That optimism is largely tied to the expected growth of SpaceX’s artificial intelligence compute business. Major deals are expected to begin generating substantial revenue in the fourth quarter of 2026.