SpaceX Jumps 7% as Musk Says Revenue Is Headed for a $100 Billion Annual Pace
SpaceX (SPCX) shares jumped about 7% on Friday after CEO Elon Musk posted a string of revenue targets on X, giving the stock a lift one day after it fell 9% in Thursday’s post-election tech selloff.
What Musk said
- SpaceX’s fourth-quarter revenue should rise about 70% from the third quarter.
- The company is on track to reach a $100 billion annualized revenue rate in December, and Musk still expects that rate to top $500 billion by December 2027.
- Revenue this quarter alone will be “substantially higher” than NASA’s entire annual budget.
- Government contracts will be less than 10% of SpaceX revenue this quarter (16.6% in Q3) and less than 5% a year from now.
- SpaceX will try to catch both the Super Heavy booster and the Starship upper stage, which Musk called the breakthrough needed to make life multiplanetary.
Why it matters
The comments land as investors question how much of Musk’s business depends on Washington. Democrats won control of both houses of Congress this week, and SpaceX’s credit-default swaps hit a record high on Thursday. By stressing that government work is shrinking as a share of sales, Musk is pushing back on the idea that a new Congress can squeeze SpaceX.
Most of SpaceX’s growth now comes from renting AI computing power. Its AI unit brought in $7.56 billion in the third quarter, more than Starlink, and AI company Anthropic accounted for 34.5% of SpaceX’s revenue, according to The Next Web. That concentration is a risk worth watching: Anthropic can exit its contracts with 90 days’ notice starting in early 2027.
The setup
SPCX opened at $131.14, hit $133.89 and is trading near $132 in the afternoon, up from Thursday’s close of $123.62. The stock is still well below its June level around $171 and its 52-week high of $225.64.
Sources
- Elon Musk posts on X, Nov. 6, 2026
- Benzinga, via Webull news
- The Next Web: Musk says government work will be under 10% of SpaceX revenue
- Market data: Webull, as of about 1:45pm ET
Our Take
Musk is doing two things with these posts: giving the market big growth numbers, and telling a new Democratic Congress that SpaceX doesn't need Washington's money. The stock bought it today, up about 7% after a 9% drop on Thursday. Keep in mind these are targets posted on X, not reported results. A 70% jump in one quarter is a big claim, and with more than a third of revenue coming from one AI customer that can leave with 90 days' notice from early 2027, the growth story carries real concentration risk.
Levels we're watching on SPCX: $133.89 (today's high) is the first resistance, then $135.92 (Wednesday's close) and the $140 to $141 area, where the stock topped out earlier this week. On the downside, $128.58 (today's low) is first support, and below it $120.39, Thursday's low. Holding above $128.58 into the close would show buyers trust the numbers. A move back under it would mean the bounce was just relief after Thursday's selloff.
Opinion of Tech & Money Press. Not financial advice.