SpaceX shares rose this Wednesday, 12, after CEO Elon Musk held an all-hands meeting for employees, where he discussed artificial intelligence (AI), Starlink and the company's future. At around 3 pm (Brasília time), shares were up 9.3% in New York.
SpaceX sees shares soar in NY after Musk's general meeting on AI and more Starlink satellites
SpaceX shares rose this Wednesday, 12, after CEO Elon Musk held an all-hands meeting for employees, where he discussed artificial intelligence (AI), Starlink and the company's future. At around 3 pm (Brasília time), shares were up 9.3% in...
He was characteristically optimistic: his goal is to make humanity a multiplanetary species. Musk projects that AI-based internet traffic will be 1,000 times human traffic within five years.
- He also mentioned that Starlink, SpaceX's in-space broadband product, had 22 million mobile subscribers.
- This may surprise some investors: Starlink ended the second quarter with about 12 million fixed wireless internet customers.
Editorial reading aid based only on information contained in this story and its identified source.
The move came after Musk spoke to employees at an all-hands meeting on Tuesday.
He was characteristically optimistic: his goal is to make humanity a multiplanetary species. Musk projects that AI-based internet traffic will be 1,000 times human traffic within five years. He also mentioned that Starlink, SpaceX's in-space broadband product, had 22 million mobile subscribers.
This may surprise some investors: Starlink ended the second quarter with about 12 million fixed wireless internet customers. It doesn't appear that SpaceX has secretly launched a secret mobile phone.
Musk is likely referring to partnerships with existing telecommunications companies for satellite-to-cellular connectivity that fills dead zones.
Whenever Musk talks about wireless communications, the existing industry seems to get nervous. Shares of AT&T and Verizon were down about 1% at the close.
The rocket maker's CEO went beyond Starlink. AI is also on his mind: "We must win at AI because the future is overwhelmingly AI and robots."
He wants SpaceX to have 10 gigawatts of AI computing capacity up and running by the end of 2027. That's ten times more than its recent AI computing capacity and could represent 15% to 20% of the total US AI computing capacity in operation - if Musk has his way.
SpaceX also launched 24 of its Starlink satellites into low Earth orbit from Vandenberg Space Force Base on Tuesday night. The mission was SpaceX's 51st flight from the West Coast so far this year.
While talk of SpaceX's AI plans may steal the headlines, Starlink remains its financial engine — representing nearly 70% of the company's total revenue.
The company's second-quarter earnings, released last week, showed that its satellite business generated $4.29 billion in the three months ending June 30, 2026.
In contrast, the next-generation Starship hardware and AI computing divisions posted operating losses, as heavy capital expenditures of $15.8 billion in the quarter went toward building orbital data infrastructure and scaling new models. Source: Dow Jones Newswires.
*Content translated with the help of Artificial Intelligence, reviewed and edited by the Broadcast editorial team, Grupo Estado's real-time news system
Read Also: BNDES profit grows 25% and reaches R$9.2 billion in the first half of the year