Shares of Space Exploration Technologies Corp rose about 3% on October 9 after reports of a massive AI infrastructure bet drew Wall Street backing. The company is lining up roughly $40 billion in financing to buy Nvidia AI chips and deploy about 420,000 processors, according to StocksToTrade.

Wall Street analyst Adam Jonas reaffirmed an overweight rating with a $300 target on the stock around $159. Shares had jumped 7.4% after a successful Falcon 9 launch carrying Satellogic’s Merlin.01 and three NewSat satellites.

The company also struck a deal to acquire up to 14 MHz of 800 MHz spectrum, while regulators moved to free over 1,000 MHz in higher bands. The moves strengthen its satellite and direct-to-phone ambitions.

Its AI arm is securing large compute commitments from Anthropic and Google, potentially worth $84.5 billion of Nvidia-based compute through 2029. Talks with Microsoft hint at further upside.

Readers should note these figures come from a single market report and remain unconfirmed until the company discloses details.