One of Wall Street’s most quoted tech analysts, Dan Ives may no longer be issuing price targets in his new role — but he’s still shaping the narrative. His latest focus: SpaceX’s long‑term vision after its first earnings report as a public company.
Long-time stock analyst Dan Ives may not be providing analyst notes and price targets on stocks in his new role. He is however finding time to share more on the long-term thesis of SpaceX (NASDAQ:SPCX), after the company’s first quarterly earnings report as a public company.
Dan Ives on SPCX Stock
SpaceX shares slid the most in six weeks Wednesday in response to the company’s second-quarter results. While the rockets-to-AI firm beat Wall Street’s revenue and earnings estimates, a spending jump has undermined investor sentiment.
"The capex tug of war between SpaceX and investors is a necessary buildout that will require patience," Ives said, as reported by Bloomberg, comparing the firm’s heavy spending to similar allocations by other technology giants.
The senior managing director at Yorkville Ives said that that given what SpaceX is building — and what it plans next — "the only way to get there is capex."
Sharing his views on why SpaceX is pouring money into AI and data infrastructure even as its space and telecom businesses grow, Dan Ives put it simply: "The gold at the end of the rainbow is around data, AI."
Ives also drew a parallel between SpaceX’s push into AI and data and a similar pivot by NVIDIA Corporation (NASDAQ:NVDA). For years, Nvidia dominated gaming and enjoyed steady growth, yet it shifted aggressively toward AI — a move that has paid off spectacularly.
"You’re buying Musk, you’re buying the vision,” the former Wedbush analyst said of SpaceX and CEO Elon Musk.
SpaceX showing early signs of AI monetization is a clear positive for Dan Ives, and he says it shows the company is winning its capex balancing act. As companies take on more debt, they have to show monetization, he added.
Ives previously spent eight years as an analyst at Wedbush covering tech stocks. Among his covered stocks were Musk-led Tesla and SpaceX, which he was often extremely bullish on.
After SpaceX’s IPO, Ives previously initiated coverage with an Outperform rating and $190 price target.
SpaceX Stock Price Action
SpaceX stock is down 8.4% to $114.84 on Wednesday versus a 52-week trading range of $104.83 to $225.64. SpaceX shares are down 28.8% since going public.
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