SpaceX (SPCX Quick QuoteSPCX - Free Report) is rapidly evolving from a rocket-launching company into a diversified technology and infrastructure business, with growing exposure to artificial intelligence (AI), satellite communications, commercial spaceflight and telecommunications. While its reusable rockets and Starlink satellite network have established its position in the commercial space industry, its latest investments and strategic partnerships suggest that its growth ambitions extend well beyond Earth orbit.

The company's recent developments are significant for investors. From securing a place in NASA's ambitious Moon Base program to pursuing multi-billion-dollar AI infrastructure agreements and expanding its wireless spectrum holdings, SpaceX is positioning itself to benefit from several rapidly growing industries.

NASA's Moon Base Program Opens Growth Opportunity

One of SpaceX's latest developments is its selection by NASA for the next phase of the Commercial Lunar Payload Services (CLPS) initiative announced on Nov. 7, 2026.

NASA selected eight companies, including SpaceX, to compete for future lunar cargo-delivery missions under its new CLPS 2 framework. The 10-year program has a combined maximum contract value of $10 billion, while NASA also increased the existing CLPS 1.0 contract value from $2.6 billion to $4.2 billion, per Yahoo Finance.

The program is to establish a sustained presence near the Moon's south pole. It will require commercial companies to develop and operate increasingly sophisticated landers capable of transporting scientific equipment, technology and infrastructure to the lunar surface.

SpaceX creates a potential revenue stream through its launch and transportation capabilities. The company is expected to launch communications satellites aboard Starship in 2028, helping establish connectivity between lunar operations and mission-control infrastructure.

This could strengthen SpaceX's position in the emerging lunar communications market, wherein reliable data transmission will be essential for future exploration and infrastructure development.

Lucrative Deals With Tech Behemoths

SpaceX is increasingly positioning itself as a provider of large-scale computing infrastructure, competing with established cloud providers and emerging AI-focused data center operators. Its Colossus and Colossus II facilities in Memphis, TN, are central to this strategy.

SpaceX signed cloud services agreements with Anthropic in May 2026 across its Colossus and Colossus II facilities. Under the agreements, Anthropic committed to pay $1.25 billion per month through May 2029, subject to contractual provisions. SpaceX signed a separate cloud services agreement with Google (GOOGL Quick QuoteGOOGL - Free Report) . Google agreed to pay $920 million per month for 32 months. At full rates, those two contracts add up to $6.5 billion a quarter. That equals about 86% of Super Intelligence's third-quarter revenues, as quoted on Yahoo Finance.

Together, these agreements represent substantial potential contracted revenues and demonstrate how SpaceX is monetizing its computing infrastructure beyond its AI applications. SpaceX's ability to offer these resources to third-party customers could turn its AI infrastructure into a significant recurring-revenue business.

Per the above-mentioned Yahoo Finance article, speaking at the Baron Investment Conference on Friday, Musk outlined an ambitious growth trajectory for SpaceX, projecting an annualized revenue run rate of more than $100 billion by December 2026 and $500 billion by December 2027.

Strong Quarterly Results Provide Financial Backing

SpaceX's latest financial results indicate that its expansion is already translating into substantial revenue growth.

For the third quarter of 2026, SpaceX reported revenues of $14.6 billion, skyrocketing 161% from $5.6 billion in the year-ago quarter. Net income reached $4.4 billion against a net loss of $1.1 billion a year earlier. Adjusted EBITDA surged 306% to $8.8 billion.

The Super Intelligence segment generated $7.56 billion in revenues, while Connectivity contributed $5.25 billion and Space generated $1.77 billion.

Starlink Expansion & Spectrum Investments Could Disrupt Telecommunications

Starlink remains an important contributor to the company's recurring revenues. Its connectivity segment recorded 69% year-over-year revenue growth and a 99% surge in operating income. This reflects rising demand from consumer subscribers, as well as enterprise and government customers.

Starlink already provides broadband connectivity across multiple countries and serves consumers, businesses, airlines, maritime operators and government customers. Its satellite network gives SpaceX an advantage in regions where conventional broadband infrastructure is expensive or difficult to deploy.

SpaceX-Heavy ETFs to Benefit

Baron First Principles ETF (RONB Quick QuoteRONB - Free Report) has been the largest publicly available ETF holder of SpaceX, with total assets of $341 million.

The fund invested 37.86% of the portfolio in SpaceX. It has an expense ratio of 1.00%. The fund trades with a three-month average trading volume of 144,000 shares.  

Roundhill Space & Technology ETF (MARS Quick QuoteMARS - Free Report) invests across the commercial space ecosystem — launch providers, satellite operators, communications, robotics and related technologies, with assets under management worth $41.3 million.

SPCX has 24.12% of its weightage in the fund’s portfolio. It has an expense ratio of 0.75% and trades at a three-month average trading volume of about 26,000 shares.

VanEck Space ETF (WARP Quick QuoteWARP - Free Report) offers exposure to companies involved in satellite infrastructure, launch services, aerospace and defense technology, with assets under management worth $41.5 million.

SpaceX has a weightage of 20.83% in WARP. The fund charges an expense ratio of 0.50% and trades at a three-month average trading volume of about 38,000 shares.