SpaceX Slides 8% Premarket as Morningstar Cuts Fair Value to $62

According to Morningstar, SpaceX shares slid 8% in premarket trading on Tuesday, with the research firm maintaining its one-star rating and $62 fair-value estimate, implying 51% downside from current levels. Morningstar cited concerns over the company's exclusive Nvidia deal and questioned whether it signals a retreat from Tesla-linked Terafab chip plans.

SpaceX's Q2 revenue jumped 92% to $7.8 billion, led by a 7x increase in AI-computing rentals, according to earnings data. Meanwhile, short interest climbed to 219.3 million shares by late July, or 34% of the tradable float worth $23.6 billion, ahead of the first lockup expiration on Thursday.