SpaceX stock rose 0.94% on August 27, trading at $140 ahead of Elon Musk's appearance at the G20 Innovation Ministerial Summit scheduled for September 1-2 in North Carolina. Musk will join Jensen Huang, CEO of Nvidia, and Sam Altman, CEO of OpenAI, to address the gathering alongside David Sacks, the White House Crypto and AI czar.
The United States aims to use the summit to persuade G20 members to adopt lighter regulatory approaches to artificial intelligence development. The U.S. position includes a proposal that G20 nations avoid creating new regulatory bodies and instead collaborate with private companies on testing emerging technologies. These proposals are expected to be formally discussed when G20 leaders convene between September and December.
SpaceX's Growing AI Operations
SpaceX has expanded its presence in the AI sector through multiple initiatives. The company acquired Cursor AI startup Anysphere and is developing its xAI division, which includes the Grok AI model. JPMorgan raised its SpaceX stock price target to $240, citing potential revenue growth from xAI improvements. Additionally, SpaceX is partnering with Nvidia to supply computing power for its Starmind AI satellite network.
Nvidia Connection
SpaceX accounted for 5% of Nvidia's $96.2 billion in Q2 2026 revenue, an increase from 3% in Q1 2026, according to analysis by Gene Munster of Deepwater Asset Management. Nvidia CFO Colette Kress noted that SpaceX was among the first customers to receive the next-generation Vera CPU.
Technical Outlook
Technical analysis indicates SpaceX stock has moved above bull flag resistance. If the uptrend continues, the stock could reach the August 17 high of $149, with potential further gains to the 161.8% Fibonacci level of $177. The RSI reading of 56 suggests bullish momentum, though weakening indicators suggest caution. Support levels exist at the 61.8% Fibonacci level of $132.
