What happened in this Finance story?

CNBC’s Investing Club is considering newly public SpaceX for its Bullpen watch list after an earnings beat, weighing rapid AI growth and Starlink’s profitability against a still-extreme current valuation.

What is a key fact in this story? (1)

**CNBC Investing Club** said its portfolio now has 31 positions and is working on additions to its Bullpen list, with SpaceX identified as a new watch-list idea rather than a completed trade.

What is a key fact in this story? (2)

**SpaceX** priced its June IPO at $135 a share, opened at $150, reached nearly $226 within days, fell to about $105 in early August and rebounded into the $140s.

📎 SkimNews has covered SpaceX 237+ times · see the file →

We're adding a new, high-profile AI play to our Bullpen stocks to watch list — SkimNews

By CNBC · Summarized & edited by Kapil Samant · 2026-10-28

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CNBC Investing Club said its portfolio now has 31 positions and is working on additions to its Bullpen list, with SpaceX identified as a new watch-list idea rather than a completed trade.
SpaceX priced its June IPO at $135 a share, opened at $150, reached nearly $226 within days, fell to about $105 in early August and rebounded into the $140s.
SpaceX divides its operations into Space, Connectivity and Super Intelligence, previously called AI, and estimates a $28.5 trillion total addressable market: $370 billion for Space, $1.6 trillion for Connectivity and $26.5 trillion for SI.
SpaceX said SI revenue jumped to $7.56 billion in Q3 from $2.56 billion in Q2 and $813 million a year earlier. Anthropic agreed to spend up to $120.5 billion over coming years on SpaceX compute, while Elon Musk said the company expects an incremental 2.5-3 GW of compute online by the end of 2026 and another 10 GW in 2027.
Starlink generated $2.37 billion in Q3 operating profit, added 1.6 million consumer subscribers to reach just under 14 million globally, and partnered with three of the four major U.S. wireless carriers.
Starship generates sales through commercial launches and government contracts as SpaceX works toward complete reusability; SpaceX also ranks as the world’s No. 1 launch provider and is pursuing a lunar economy spanning cargo, manufacturing and energy production.
SpaceX reported adjusted Q3 EPS of $0.35 versus analyst forecasts near $0.13; after the quarter, FactSet-based 2027 EPS estimates rose from $1.59 to $3.71, leaving the stock at 38.5 times 2027 earnings versus 451 times 2026 earnings.

Why it matters: For SpaceX shareholders, the valuation hinges on a steep earnings ramp: the stock trades at 451x 2026 earnings but 38.5x revised 2027 estimates, which assume SI revenue climbs from $26.7 billion to $132 billion. Raising 2027 EPS estimates from $1.59 in September to $3.71 after the latest quarter is what makes the stock look more investable, not the headline TAM.