SpaceX’s latest earnings have given Wall Street a reason to revisit AI hardware stocks. Elon Musk’s company is preparing to spend billions more on computing infrastructure, and three US-listed stocks could benefit.
On Tuesday, SpaceX reported third-quarter revenue of $14.58 billion, up 161% year over year, and a $4.4 billion net profit.
Its AI division generated $7.56 billion, surpassing its $5.25 billion connectivity business, which includes Starlink.
The bigger surprise was spending. AI infrastructure consumed $16.4 billion of SpaceX’s $19.6 billion in quarterly capital expenditure. CFO Bret Johnsen said total spending could reach $35 billion to $40 billion in Q4, roughly twice Wall Street’s expectations.
SpaceX shares rose around 2.5% after hours. Nvidia, Micron and Seagate also gained roughly 2% in extended-trading snapshots, although other market developments likely contributed.
3 Stocks Wall Street Sees With Significant Upside
| Stock | Oct. 20 close | Average 12-month target | Implied upside |
| Nvidia (NVDA) | $216.47 | $328.72 | +51.9% |
| Micron (MU) | $896.07 | $1,561 | +74.2% |
| Seagate (STX) | $675.13 | $1,138 | +68.6% |
1. Nvidia (NVDA): The Clearest SpaceX Connection
Nvidia has the strongest direct link to SpaceX’s expansion.
Earlier this month, Reuters reported that SpaceX was seeking $40 billion in financing to purchase Nvidia AI chips.
That potential order could provide significant additional demand for Nvidia’s processors. The financing remains unfinalized, however.
Among 62 analysts, the average price target is $328.72. Citi targets $315, while UBS forecasts $300.
Nvidia is our strongest pick for direct exposure, although financing delays and concerns over excessive AI spending remain risks.
2. Micron (MU): AI’s Growing Memory Demand
Nvidia’s processors need high-bandwidth memory (HBM) to handle demanding AI workloads. Micron is a major supplier of that technology.
Its latest quarterly revenue reached $54.23 billion, more than quadrupling from a year earlier.
SpaceX’s computing expansion could strengthen this demand further, even without a confirmed direct supply agreement.
The average target among 49 analysts is $1,561. Bank of America forecasts $1,550, while KeyBanc targets $1,750.
Micron offers the highest consensus upside of our three picks, although memory prices remain vulnerable to changes in supply and demand.
3. Seagate (STX): The Storage Opportunity
AI infrastructure also requires enormous storage capacity. Seagate makes high-capacity hard drives used by cloud data centers.
Its fiscal 2026 revenue grew 34% to $12.2 billion.
On Tuesday, Morgan Stanley named Seagate a top hardware pick, lifting its price target to $1,200. JPMorgan, meanwhile, lowered its target to $1,050.
The 26-analyst consensus stands at $1,138.
Seagate has no confirmed SpaceX supply deal, making its connection more speculative. Its October 27 earnings should provide a clearer test of storage demand.
The key question now is whether SpaceX’s ambitious AI investment plans translate into sustained orders. Nvidia offers the clearest direct opportunity. Micron and Seagate provide broader exposure to the infrastructure expansion, with greater uncertainty.
