Did SpaceX Just Save CoreWeave, Nebius, and the Neocloud Sector?
Coming into Space Exploration Technologies’ (NASDAQ:SPCX) third-quarter earnings report, confidence in AI infrastructure stocks was collapsing.
CoreWeave (NASDAQ:CRWV), the largest neocloud stock, has been at the center of the controversy since Chamath Palihapitiya posted a chart showing that some of its bond yields have reached 15%, a sign that doubts about its ability to pay back its massive debt have grown. Those concerns weighed on peers like Nebius and IREN, dragging them lower as well.
SpaceX may be best known as a space company, and its Starlink satellite internet business makes up the bulk of its profits, but the company is increasingly becoming an AI infrastructure company.
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