SpaceX (NASDAQ: SPCX) stock price is up by 0.94% today, August 27, to trade at $140 at the time of writing. These gains come ahead of Elon Musk’s speech at the G20 Innovation Ministerial Summit that is taking place between September 1 and 2, where the CEO’s of Nvidia and OpenAI will also speak.
Big Tech CEOs to Converge at G20 Tech Summit
Musk, Jensen Huang and Sam Altman will be in North Carolina next week, where they will address attendees at the G20 meeting. The White House Crypto and AI czar, David Sacks, will also be in attendance.
The US plans to use the meeting to convince G20 members to agree to lighter regulations when it comes to AI, per a report by Reuters. The US will also ask the members not to create new regulatory bodies and instead work with private companies on testing emerging technologies.
This meeting is among the few planned between September and December, when the G20 leaders will officially meet to discuss the proposals.
An earlier report by CoinGape noted that SpaceX is expanding its footprint in the AI industry after acquiring Cursor AI startup Anysphere.
JPMorgan also raised the SpaceX stock target to $240, saying that the revenues from SpaceX’s xAI division could increase after the improvements made to the Grok AI model.
SpaceX Accounts for 5% of NVIDIA Revenue
Gene Munster of Deepwater Asset Management noted that SpaceX accounted for 5% of the $96.2 billion that Nvidia reported in Q2 2026. He noted that this percentage share was an increase from the 3% reported in Q1 2026.
While releasing the earnings, Nvidia’s CFO Colette Kress also noted that SpaceX was among the first customers that will receive the next-generation Vera CPU.
An earlier report by CoinGape also revealed that SpaceX will be working with NVIDIA to supply computing power to SpaceX’s new Starmind AI satellite network.
SpaceX Stock Forecast as Bulls Target $149
A previous CoinGape SpaceX stock analysis noted that it was creating a bull flag pattern, and the stock has now moved above the resistance of this pattern.
If the uptrend continues, SPCX stock could reach the August 17 high of $149. If the gains continue beyond this obstacle, the stock could reach the 161.8% Fib of $177.
The RSI reading of 56 suggests that the momentum is favoring bulls. However, the AIO bars that have turned red suggest that the bullish momentum is becoming weak.
If the SpaceX stock price closes lower, it could move to the 61.8% Fib of $132. This drop could occur ahead of the Fed’s speech at the Jackson Hole Symposium on August 28, where he could hint at the Fed hiking rates.
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