SpaceX shares moved higher Thursday as investors looked ahead to a technology-focused G20 meeting that will bring Elon Musk together with some of the biggest names in artificial intelligence.
SPCX was trading around $140 on Aug. 27, up roughly 0.9% on the session, as attention shifted toward the Sept. 1–2 meeting in Raleigh, North Carolina. Musk is expected to participate virtually alongside OpenAI CEO Sam Altman, Nvidia CEO Jensen Huang and White House technology adviser David Sacks.
The gathering comes as SpaceX increasingly trades not only as an aerospace and satellite company but also as an AI infrastructure play. That shift has become more visible following the company’s strong Q2 results, which showed revenue rising 92% year over year to $7.81 billion.
G20 Meeting Puts AI Regulation in Focus
The United States plans to use the G20 meeting to push for a lighter approach to artificial intelligence oversight. The proposed framework would discourage the creation of new AI-specific regulatory agencies while encouraging governments to work with private companies on testing emerging technologies, Reuters reported.
That policy debate has direct implications for companies pouring billions into AI infrastructure. SpaceX has moved deeper into the sector through its AI operations and its acquisition of enterprise coding platform Cursor, strengthening the case for investors to value the company beyond Starlink and launch services.
JPMorgan recently maintained a $240 target for SPCX, implying close to 80% upside from a $135 reference price. The bank’s AI outlook points to Grok and Cursor as increasingly important drivers of SpaceX’s long-term valuation.
Nvidia Relationship Strengthens the AI Case
SpaceX’s growing connection with Nvidia adds another layer to that thesis. Nvidia reported fiscal second-quarter revenue of $96.2 billion, including $89 billion from its data-center business, according to its latest earnings release.
Nvidia has also confirmed that SpaceXAI will deploy its Vera CPUs for next-generation agentic AI workloads and plans to extend Nvidia-powered computing to its Starmind satellite network.
The diversification is significant for investors who historically viewed SpaceX mainly through Starlink and rockets. Its broader business already spans satellite broadband, launch services, defense contracts, AI infrastructure and a sizable Bitcoin treasury.
[GRAPHIC — PLACE HERE] SpaceX’s expanding business model: A five-part diagram showing Launch Services, Starlink, AI/Grok, Enterprise Software/Cursor and Digital Assets. The graphic would illustrate why investors are increasingly treating SPCX as a diversified technology stock rather than a pure aerospace company.
From a technical perspective, SPCX has moved above a recent bull-flag resistance area. The next notable level is around $149, the Aug. 17 high. A sustained break could put $177 in view, while a reversal would bring the $132 area back into focus.
With AI regulation, Nvidia infrastructure and SpaceX’s expanding technology portfolio converging, the G20 appearance gives investors another catalyst to test whether the recent recovery in SPCX can extend.
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