SpaceX is entering another phase of growth as its weighting in the Nasdaq-100 is expected to more than double following the latest quarterly rebalancing.

The company’s weighting is set to rise to 2.82% from 1.28%, increasing its representation in one of the most closely followed technology-heavy equity indexes.

The change could create additional visibility for SpaceX among index-tracking investors, but the more consequential developments may be taking place within the company itself.

SpaceX is increasingly positioning artificial intelligence alongside its established space and connectivity operations, potentially creating a new source of growth that could become increasingly important to its valuation.

AI Is Becoming a Core Part of the SpaceX Story

The release of Grok 4.7 provides another indication of the broader AI ambitions surrounding SpaceX and its affiliated technology ecosystem.

Early testing cited in the source showed Grok 4.7 scoring 46.3% on CursorBench, compared with 41.7% for GPT 5.6 Sol Max and 51.8% for Claude Fable 5.1 Max. Grok 4.7 also reportedly offered lower input- and output-token pricing than the competing models.

Beyond model performance, the larger investment question is infrastructure.

Wall Street veterans cited in the source estimate that AI could eventually become SpaceX’s largest revenue category, potentially generating $275 billion by 2030. Management is also reportedly targeting between 5 and 10 gigawatts of computing capacity by 2027.

If those plans materialize, AI could become a substantially larger component of SpaceX’s business mix.

SpaceX Is No Longer Just a Space Company

Founded in 2002, SpaceX has expanded well beyond rocket launches.

The company operates across Space, Connectivity and AI, with Starlink providing a rapidly expanding internet business alongside its launch operations. SpaceX also works with NASA and the Pentagon, while maintaining long-term ambitions related to Mars exploration.

The diversification matters because each business can potentially reinforce the others. Space infrastructure provides the foundation for launch and satellite operations, Starlink creates a large connectivity network and AI introduces another potential high-growth market.

The result is a business model increasingly dependent on multiple technology-intensive growth engines.

Revenue Growth Is Accelerating

SpaceX’s financial performance shows the scale of its expansion.

Revenue increased from $10.4 billion in 2023 to $18.7 billion in 2025. Operating cash flow also improved, reaching $6.8 billion in 2025 compared with $4.5 billion in 2023.

In the second quarter of 2026, revenue reached $7.8 billion, representing a 92% year-over-year increase. The company’s net loss narrowed to $541 million from approximately $1 billion in the comparable period.

Cash and cash equivalents stood at $93.5 billion at the end of the quarter, according to the supplied source.

AI Spending Is Reshaping Capital Allocation

Perhaps the clearest indication of the strategic shift is the rapid increase in AI-related capital expenditure.

SpaceX’s total capital expenditures increased from $4.4 billion in 2023 to $20.7 billion in 2025. AI investment grew from just $463 million in 2023 to $12.7 billion in 2025, becoming the company’s largest investment category.

AI capital expenditure reached another $15.8 billion in the second quarter of 2026 alone.

The spending is already being accompanied by revenue. Connectivity remained SpaceX’s largest Q2 contributor at $4.29 billion, followed by AI at $2.56 billion and Space at $962 million.

That revenue mix suggests AI is moving beyond a long-term research project and becoming a meaningful component of the company’s current business.

Valuation Remains a Major Consideration

Rapid growth does not eliminate valuation risk.

According to the supplied source, SpaceX’s price-to-sales ratio stands at approximately 108.3 times, substantially above the sector median.

That valuation places considerable importance on the company’s ability to deliver continued revenue growth and expand the profitability of its newer businesses.

The rising Nasdaq-100 weighting may increase visibility, but index inclusion alone does not determine whether such a valuation can be sustained. Investors are likely to focus more heavily on AI monetization, computing capacity, cash generation and the pace at which SpaceX converts capital investment into revenue.

What Investors May Watch Next

The Nasdaq-100 rebalancing provides a near-term structural catalyst, but SpaceX’s longer-term investment story increasingly depends on execution across AI, connectivity and space.

The most important indicators may include growth in AI revenue, progress toward the reported 5-to-10-gigawatt computing target, capital expenditure requirements and the company’s ability to improve profitability as its infrastructure expands.

The scale of AI investment creates significant potential, but it also raises the financial hurdle SpaceX must clear to justify its valuation.

If AI becomes a major revenue engine alongside Starlink and the company’s space operations, the Nasdaq-100 weighting could become secondary to a much larger transformation in SpaceX’s business model.