SpaceX Could Soon Build Another Colossus Data Center. What That Means for SPCX Stock.

SpaceX (SPCX) made history with its June 12 initial public offering. The company raised approximately $75 billion, making it the largest IPO ever recorded. And despite some choppiness in the share price, the rocket and satellite giant is not slowing down.

Fresh off that blockbuster debut, SpaceX is already lining up its next major move. And it has very little to do with rockets. SpaceX is rapidly expanding its artificial intelligence infrastructure business, signing computing deals one after another.

How SpaceX Built a Compute Empire With the Colossus Data Center

Most people know SpaceX for Falcon 9 rockets and Starlink internet. But over the past year, the company has quietly built one of the world's most powerful AI data centers.

The Colossus facility, which SpaceX describes as a "gigafactory of compute," was built in just 122 days. The company then doubled its capacity to 200,000 Nvidia (NVDA) H100 graphics processing units in another 92 days. 

The system now boasts 194 petabytes per second of aggregate memory bandwidth and more than one exabyte of storage for training data. It is the kind of infrastructure that frontier AI labs need to train the world's most advanced models.

SpaceX CFO Bret Johnsen made the company's ambitions clear during its June 4 IPO roadshow. "We now have the world's largest coherent supercomputer," Johnsen said, pointing to the Colossus-2 data center and calling it the first gigawatt-scale training cluster ever built.

That level of compute is expensive to build. But it is also becoming expensive for others to access, and SpaceX is now turning that scarcity into revenue.

SpaceX Signs $6.3 Billion Compute Deal With Reflection AI

According to a CNBC report:

• SpaceX has signed a major computing agreement with Reflection AI, an open-source artificial intelligence startup.  
• Under the deal, Reflection will get access to top-of-the-line Nvidia GB300 chips and has agreed to pay SpaceX $150 million per month starting July 1, 2026, through 2029.
• If the contract runs its full term, the total payments would reach roughly $6.3 billion.
• Either party can exit after the first three months with 90 days notice. 

Reflection, last valued at $25 billion, is trying to build American open-source AI models that can compete with closed systems from OpenAI, Alphabet's (GOOG) (GOOGL) Google, and Anthropic. Governments and enterprises, it argues, should be able to inspect and customize their own models instead of relying on providers that can cut off access without warning.

That argument got sharper recently after Anthropic shut down access to Fable and Mythos, raising concerns in the open-source AI community about dependence on closed systems.

"Recent events highlight how important open source is to the AI ecosystem, with more nations and enterprises recognizing the risks and costs associated with exclusively depending on closed models," a Reflection spokesperson said in a statement, per CNBC.

Reflection is not SpaceX's only compute customer. The company has already struck deals with Anthropic, Google, and Cursor. Notably, SpaceX is set to acquire Cursor for $60 billion in a stock-and-cash deal. 

What the Expanding AI Business Means for SPCX Stock

In the first quarter of 2026, SpaceX reported revenue of $4.694 billion, up 15% year-over-year (YoY). The Connectivity segment, anchored by Starlink, brought in $3.257 billion, while the AI segment added $818 million.

But the AI business is burning cash at a staggering rate:

• SpaceX poured $7.72 billion into AI infrastructure in just the first three months of 2026.
• Capital expenditures overall more than doubled YoY to $10.107 billion, a 144% jump from the year-ago period.
• The AI segment alone posted an operating loss of $2.5 billion in the quarter.
• The company also reported a consolidated net loss of $4.28 billion for the quarter, sharply wider than the $528 million loss a year earlier.

Investors reacted badly to reports that SpaceX plans to raise $20 billion in debt. Shares tumbled 16.43% on June 22 on that news and now trade 20% below their June 16 record high of $225.64.

What Is the SPCX Stock Price Target?

Out of the nine analysts covering SPCX stock, four recommend “Strong Buy,” four recommend “Hold,” and one recommends “Moderate Sell.” The average stock price target is $212.67, above the current price of $153. 

The Reflection deal shows that SpaceX is monetizing its AI infrastructure at scale. Between Anthropic, Google, Cursor, and now Reflection, the company is building a real cloud computing business around Colossus.

Whether that business grows fast enough to justify the spending is the question SPCX investors will be wrestling with for some time.