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Is SpaceX Stock Worth Buying Ahead of Its 14th Starship Test?
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Key Takeaways
SpaceX's Flight 14 aims to complete a full Earth orbit and deploy operational Starlink V3 satellites.
Starlink provides recurring revenues and cash to help fund SpaceX's rockets, satellites and technologies.
SpaceX's AI compute revenues surged 247% YoY in Q2, but heavy capital spending and valuation remain concerns.
SpaceX (SPCX - Free Report) is heading toward another important milestone as it targets Sept. 28 for Starship Flight 14, after pushing the launch back six days from the original Sept. 22 target. While launch delays are nothing new for the company, this mission could represent a meaningful step forward. Unlike previous Starship flights, Flight 14 is designed to attempt a full orbit around Earth and deploy operational Starlink V3 satellites.
Starship Could Unlock a Big Growth Engine
Starship's significance extends well beyond another test flight. SpaceX is developing the rocket as a fully reusable launch system capable of carrying substantially more payload at potentially lower costs. If the company can eventually achieve reliable, high-frequency launches, Starship could expand the economics of the space industry while strengthening SpaceX's position in commercial and government launches.
The upcoming mission is important as it is intended to demonstrate orbital operations and deploy Starlink V3 satellites. These satellites are expected to substantially increase network capacity, potentially supporting continued growth in Starlink's broadband business.
Still, investors should remember that Starship remains a development program. Hardware readiness, regulatory approvals, technical setbacks and launch delays could continue to push timelines out. A successful Flight 14 would therefore be an important milestone, but not proof that Starship has reached commercial maturity.
Starlink Provides the Financial Foundation
Starlink remains the more established part of the SpaceX story. The satellite broadband business has expanded rapidly across international markets and gives SpaceX a recurring-revenue business alongside its more speculative ventures.
The continued rollout of higher-capacity satellite generations could further improve network economics and allow SpaceX to serve more customers and offer higher-value services. Starlink's established customer base provides a source of cash that can help fund SpaceX's ambitious investments in rockets, satellites and other technologies.
This diversification makes the SpaceX story different from that of a pure-play space company. Starlink is already a commercially profitable business, while Starship represents a potentially much larger future opportunity.
AI Adds Another Layer to the Story
SpaceX is also positioning itself around artificial intelligence infrastructure. Its computing business is securing multi-year agreements with major AI giants Alphabet (GOOGL - Free Report) and Anthropic.
AI revenues jumped 247.5% year over year to $2.56 billion in the second quarter of 2026. Compute revenues reached $2.6 billion (+247% YoY). The segment posted adjusted EBITDA of $1.15 billion in the last reported quarter, reversing from a $276 million loss a year ago. Management expects compute capacity to exceed 2 gigawatts by year-end and 10 gigawatts by 2027 end.
That said, the AI opportunity also requires significant capital investment and faces intense competition. Its long-term contribution will depend on SpaceX's ability to scale capacity while maintaining attractive economics.
The Investment Case Comes With Risks
The biggest attraction is also the biggest challenge. SpaceX is pursuing several capital-intensive businesses simultaneously. Starship, Starlink and AI infrastructure all require substantial investment, while execution remains critical.
Second-quarter 2026 capital expenditures were approximately $18.4 billion, including about $15.8 billion for AI compute infrastructure. Management expects the next two quarters to remain near the second-quarter spending level. The company generated $3.54 billion of adjusted EBITDA but still reported a $541 million net loss.
Investors must also consider valuation. SpaceX's valuation already reflects significant expectations for future growth across these businesses. The company carries a Value Score of F. That means even strong operational progress may not automatically translate into attractive returns as the valuation assumes near-perfect execution.
Our Take
Flight 14 could become an important catalyst for SpaceX, particularly if Starship successfully reaches orbit and deploys Starlink V3 satellites. But the broader investment thesis rests on much more than one launch.
Starlink provides an established commercial foundation, Starship offers a potentially transformative opportunity in launch economics, and AI infrastructure adds another high-growth avenue. The combination creates significant long-term potential, but execution, capital requirements and valuation remain important considerations. As such, this isn’t the right time to buy SPCX shares. But existing shareholders can stay invested for the long haul.
The Zacks Consensus Estimate projects a loss of 15 cents per share for SpaceX in 2026, followed by earnings of $1.63 per share in 2027, pointing to a sharp turnaround.
View the Zacks #1 Rank List
Image: Bigstock
Is SpaceX Stock Worth Buying Ahead of Its 14th Starship Test?
Key Takeaways
SpaceX (SPCX - Free Report) is heading toward another important milestone as it targets Sept. 28 for Starship Flight 14, after pushing the launch back six days from the original Sept. 22 target. While launch delays are nothing new for the company, this mission could represent a meaningful step forward. Unlike previous Starship flights, Flight 14 is designed to attempt a full orbit around Earth and deploy operational Starlink V3 satellites.
Starship Could Unlock a Big Growth Engine
Starship's significance extends well beyond another test flight. SpaceX is developing the rocket as a fully reusable launch system capable of carrying substantially more payload at potentially lower costs. If the company can eventually achieve reliable, high-frequency launches, Starship could expand the economics of the space industry while strengthening SpaceX's position in commercial and government launches.
The upcoming mission is important as it is intended to demonstrate orbital operations and deploy Starlink V3 satellites. These satellites are expected to substantially increase network capacity, potentially supporting continued growth in Starlink's broadband business.
Still, investors should remember that Starship remains a development program. Hardware readiness, regulatory approvals, technical setbacks and launch delays could continue to push timelines out. A successful Flight 14 would therefore be an important milestone, but not proof that Starship has reached commercial maturity.
Starlink Provides the Financial Foundation
Starlink remains the more established part of the SpaceX story. The satellite broadband business has expanded rapidly across international markets and gives SpaceX a recurring-revenue business alongside its more speculative ventures.
The continued rollout of higher-capacity satellite generations could further improve network economics and allow SpaceX to serve more customers and offer higher-value services. Starlink's established customer base provides a source of cash that can help fund SpaceX's ambitious investments in rockets, satellites and other technologies.
This diversification makes the SpaceX story different from that of a pure-play space company. Starlink is already a commercially profitable business, while Starship represents a potentially much larger future opportunity.
AI Adds Another Layer to the Story
SpaceX is also positioning itself around artificial intelligence infrastructure. Its computing business is securing multi-year agreements with major AI giants Alphabet (GOOGL - Free Report) and Anthropic.
AI revenues jumped 247.5% year over year to $2.56 billion in the second quarter of 2026. Compute revenues reached $2.6 billion (+247% YoY). The segment posted adjusted EBITDA of $1.15 billion in the last reported quarter, reversing from a $276 million loss a year ago. Management expects compute capacity to exceed 2 gigawatts by year-end and 10 gigawatts by 2027 end.
That said, the AI opportunity also requires significant capital investment and faces intense competition. Its long-term contribution will depend on SpaceX's ability to scale capacity while maintaining attractive economics.
The Investment Case Comes With Risks
The biggest attraction is also the biggest challenge. SpaceX is pursuing several capital-intensive businesses simultaneously. Starship, Starlink and AI infrastructure all require substantial investment, while execution remains critical.
Second-quarter 2026 capital expenditures were approximately $18.4 billion, including about $15.8 billion for AI compute infrastructure. Management expects the next two quarters to remain near the second-quarter spending level. The company generated $3.54 billion of adjusted EBITDA but still reported a $541 million net loss.
Investors must also consider valuation. SpaceX's valuation already reflects significant expectations for future growth across these businesses. The company carries a Value Score of F. That means even strong operational progress may not automatically translate into attractive returns as the valuation assumes near-perfect execution.
Our Take
Flight 14 could become an important catalyst for SpaceX, particularly if Starship successfully reaches orbit and deploys Starlink V3 satellites. But the broader investment thesis rests on much more than one launch.
Starlink provides an established commercial foundation, Starship offers a potentially transformative opportunity in launch economics, and AI infrastructure adds another high-growth avenue. The combination creates significant long-term potential, but execution, capital requirements and valuation remain important considerations. As such, this isn’t the right time to buy SPCX shares. But existing shareholders can stay invested for the long haul.
SPCX currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate projects a loss of 15 cents per share for SpaceX in 2026, followed by earnings of $1.63 per share in 2027, pointing to a sharp turnaround.