SpaceX Stock Jumps 5.8% to $142 Amid $24B Texas Data Center Plan
SpaceX stock closed at $142.07 on Monday, up 5.81%, as the company applied for a tax abatement on a $24 billion Starbase data center. The governor-elect wants a Boca Chica land transfer paused, and sellers wait at $152 to $156.
Two green days and SPCX is back in the $140s. SpaceX closed at $142.07 on Monday, November 9, up 5.81% for its second straight gain, as the company applied for a property tax abatement on a $24 billion data center project in Starbase, Texas. It edged up another 0.3% overnight heading into Tuesday.
That is the highest close since October 29. Don't hand all the credit to Starbase, though. The Nasdaq 100 rose 3.4% to 27,907 and the S&P 500 gained 2.35% to 7,549 on a tech rebound and falling oil prices, so some of this move was the broader tape.
The account @spcxGOD noted in a post on X that the close came 150 days after the IPO and about 5.2% above the IPO price.
The path to $142
It has been a rough week to hold this thing. On November 5, the Nasdaq 100 shed $2.5 trillion in value, one of its worst days on record, and SPCX crashed to $120. It fell as much as 11% on Thursday after Democrats won both chambers of Congress and the Texas governor's race. Then it jumped 8.62% on Friday to close at $134.27, after Elon Musk said government contracts should be under 10% of Q4 revenue.
From that $120 print, $142 is a bounce of roughly 18%. In late October we reported the stock fell 3.38% to $143, so it is now back near where it traded then.
The data center application, first reported by Bloomberg, covers the initial stages of a project to be built in multiple phases. The $24 billion is the estimated capital investment for those stages.
Political friction in Texas
Texas Governor-elect Gina Hinojosa has asked Texas Parks and Wildlife to pause a proposed public-land transfer to SpaceX near Boca Chica, where Starbase operates. She had also pledged a moratorium on new data centers. On the campaign trail, her line was blunt:
"Texas is not for sale."
Gina Hinojosa
Goldman Sachs has warned that the Democratic win threatens US data center expansion, which puts a regulatory question mark over the Starbase build.
Fundamentals
Q3 revenue hit $14.6 billion, up 161% and above the $12.7 billion expected. Net income was $4.4 billion against a $1.1 billion loss a year earlier, though operating income was $2.8 billion. Super Intelligence revenue rose 830% to $7.6 billion, and Starlink connectivity revenue rose 69% to $5.2 billion. Anthropic made up 34.5% of Q3 revenue, about $5 billion. That is a lot of eggs in one customer's basket.
Not everything printed clean. Starlink added 1.6 million consumer subscribers versus 2.29 million expected, and the cost of insuring SpaceX debt hit a new high. Q4 capex guidance is $35-40 billion, and Q1 revenue is guided to $33 billion to $37 billion.
Stifel kept its Buy rating and $190 target, citing $40 billion in committed GPU financing and an investment grade balance sheet. That implies about 34% upside. The average analyst target sits near $254.
What traders should watch
The chart is less friendly than the analysts. A wall of selling sits between $152 and $156, and bears still control the technical indicators, though CMF and RSI are improving. Nvidia-related AI jitters could drag SPCX back toward $135.
Starship Flight 15 is expected later this week. The next share unlock is December 8, with none in November, and the next earnings report is due in early February 2027.
