Why SpaceX Stock Is Worth Buying and Holding for 10 Years

SpaceX (SPCX) trades 34% below its 52-week high even as its AI and super intelligence segment became its largest revenue driver, generating $7.6 billion in Q3 2026 versus $813 million a year earlier.

That segment's growth is the core of the bull case. The company is scaling data center infrastructure with 200,000 NVDA chips coming online monthly, and it plans to move operations to space by 2028. Wall Street projects $335 billion in 2028 revenue.

The cost of that buildout is visible in the cash flow. SPCX posted negative free cash flow of $35 billion through the first nine months of 2026. Interpretation: the market appears to be pricing that cash burn more heavily than the segment's revenue growth, which may explain the 34% drawdown from the high. The $335 billion 2028 estimate implies investors must underwrite years of heavy spending before the revenue base catches up.

The NVDA link matters on both sides. A monthly rollout of 200,000 chips ties SPCX's growth trajectory to NVDA supply and to continued capital outlays.