SPCX Stock Rises Overnight Even As Elon Musk Shoots Down Report Of $52B Foxconn-Nvidia Order As 'Fake News'

• Musk called the report of 13,000 Nvidia GB300 server racks “fake news.”
• The reported $52 billion value was based on an estimated $4 million cost per rack.
• The company is also expanding cloud capacity through arrangements involving Google and Anthropic.

SpaceX (SPCX) shares rose 1% overnight heading into Monday after CEO Elon Musk dismissed a report claiming that the rocket and satellite company had placed a $52 billion order with Foxconn for Nvidia-powered AI servers.

SPCX stock fell 5% on Friday, extending its weekly decline to 15%. 

Musk Rejects $52B Foxconn AI Server Report 

“This is fake news,” Musk said on X in response to a post summarizing the reported agreement. Taiwan’s Economic Daily said that Hon Hai Precision Industry, better known as Foxconn, had secured its first contract to manufacture AI servers for SpaceX. According to the report, SpaceX was preparing to deploy more than 13,000 server racks built around Nvidia’s GB300 platform. The estimated $52 billion value was based on an assumed cost of $4 million per rack rather than a disclosed contract price.

Citrini analyst Jukan said on X that Foxconn had displaced the dominance of Dell Technologies and Super Micro Computer in supplying AI server infrastructure to SpaceX. It also claimed deliveries would begin in late 2026 and continue into the first quarter of 2027. Chairman Young Liu has previously said Foxconn expects to capture more than 40% of the global AI server market, while shipments of advanced AI racks are projected to increase through the end of the year.

SpaceX Eyes Pentagon AI Computing Deal

A separate Wall Street Journal report on Friday said that SpaceX was in discussions with the U.S. Department of Defense about supplying data-center capacity worth several billion dollars for military AI workloads. The talks were said to be ongoing and could still fail to produce an agreement.

SpaceX has also explored offering computing power to outside AI customers as it seeks to compete more directly with cloud infrastructure providers such as CoreWeave. In June, SpaceX also reached computing arrangements with Google and Anthropic. The Google deal covered access to about 110,000 Nvidia chips, while Anthropic secured capacity at the company’s Colossus 1 data center in Memphis. 

SpaceX Joins Pentagon AI Push 

The potential Defense Department arrangement would deepen SpaceX’s already extensive relationship with the U.S. military. The Pentagon relies on the company for rocket launches, satellite communications and missile-tracking systems. It is also seeking more computing capacity as intelligence agencies and military units increase their use of AI.

SpaceX employees have reportedly discussed selling computing capacity at prices designed to compete with established cloud and specialized AI infrastructure providers. The Pentagon, meanwhile, is seeking funding for a new AI Arsenal initiative centered on access to high-end chips and computing resources. The military has also approved multiple tech companies, including SpaceX, Amazon, Google, Microsoft and Oracle, for classified AI-related work.

How Do Retail Traders Feel About SPCX?

On Stocktwits, retail sentiment for SPCX was ‘bearish’ amid a 7% rise in 24-hour message volumes.

One user said, “$SPCX Shorting a Musk-led company is dangerous. Whether someone likes Elon Musk or not, his companies have a history of surprising skeptics. Good news—such as a successful Starship milestone, a major government contract, or stronger-than-expected Starlink growth—can send the stock sharply higher.”

Another user noted, “$SPCX has excess compute. Colossus is under utilized. $SPCX is not filling Helios with GPUs. They have Colossus.”

SPCX stock has declined 35% over the past month. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Read Next: ATAI Stock Slips After Blockbuster Week: Cathie Wood Calls $3.8B Lilly Deal ‘Well-Deserved’ Return For Shareholders