SPCX was trading around $147.55 on Sept. 10, down roughly 3.8%, after losing 3.84% in the previous session. The decline leaves the stock well below its June peak above $225, although still above the $135 IPO price.
The latest concern comes from SpaceX’s data centers. The Information reports that Elon Musk has replaced several infrastructure leaders following civil-engineering and reliability issues at facilities in Tennessee and Mississippi.
More importantly for investors, SpaceXAI has repeatedly pushed back plans to begin building additional facilities outside its Memphis hub, including potential sites in Texas.
AI Revenue Is Growing Faster Than the Infrastructure
The slowdown comes at an awkward moment.
SpaceX’s AI compute-rental business generated $2.6 billion in second-quarter revenue, according to The Information, while earlier plans called for a rapid increase in computing capacity.
That AI opportunity was a major part of the optimism surrounding the IPO. Coinpaper previously highlighted Goldman Sachs’ projection that SpaceX AI revenue could reach $322 billion by 2030, making computing infrastructure a central component of the long-term valuation case.
SpaceX has also explored a significant Texas data-center expansion, but construction timing now looks less certain.
Speed May Have Created the Problem
SpaceXAI built its early facilities unusually quickly, but that advantage appears to have come with trade-offs.
Existing sites reportedly operated for months without complete backup cooling and power systems, increasing outage risk. Musk has separately warned that a global shortage of electricity could prevent roughly 15 gigawatts of AI chips from being switched on next year.
That power bottleneck is becoming a broader problem across the AI industry. Project delays, electricity constraints and rising construction costs are already making lenders more cautious toward data-center investments.
Coinpaper covered the earlier SpaceX data-center leadership shakeup, but the latest expansion delays make the issue more important for the stock: investors are now getting evidence that infrastructure execution could determine how quickly AI revenue scales.
SPCX Still Carries a Huge AI Premium
The stock’s volatility shows how much expectation is already embedded in SpaceX’s valuation.
SPCX surged to $225.64 shortly after its IPO, later fell below $135, and recently climbed back above $149 as investors returned to the AI growth story.
We previously covered the post-IPO collapse below $135, illustrating how quickly sentiment can shift around execution risks.
The data-center overhaul does not mean SpaceX is abandoning AI expansion.
But it does change the near-term question.
For SPCX investors, the issue is no longer whether SpaceX can generate demand for AI compute. The company already has that demand.
The question is whether it can build enough reliable power and data-center capacity to satisfy it without slowing the growth that helped justify one of the market’s largest valuations.
