Shares of Space Exploration Technologies Corp (NASDAQ:SPCX) are trading higher on Thursday amid speculation that former Nvidia CEO Jensen Huang could join the company.
- SpaceX stock is building positive momentum. What’s driving SPCX shares up?
Musk Says Hiring Huang Would Be ‘An Honor’
Speculation is mounting that Huang could join SpaceX after Elon Musk said it would be “an honor” to hire Huang in a post on X. No job offer or discussions have been confirmed.
Huang resigned as Nvidia Corp’s (NASDAQ:NVDA) president and CEO on Thursday, ending a 33-year tenure. The departure comes after Huang admitted to an affair with a suspected Chinese spy, Alice Huang, and had an alleged affair with Nvidia Vice President of Health Care Kimberly Powell.
The link between the two companies certainly makes sense. SpaceX is one of Nvidia’s largest customers, and Musk said on SpaceX’s August earnings call that the company would use Nvidia’s Vera Rubin processors to build out its data centers. Huang has also praised Musk’s plans for the Terafab chip manufacturing project.
SpaceX Plans Supercompute Campus Expansion
Separately, SpaceX announced plans on Thursday for a $50 billion supercompute campus in Arizona that is expected to create about 6,500 jobs. The company also announced a supercompute facility at Starbase in the Rio Grande Valley in Texas, where SpaceX will invest more than $24 billion in new supercomputing infrastructure.
“SpaceX has helped make South Texas a center of American aerospace innovation. Now, we have an opportunity to help make Texas and Arizona global leaders in supercomputing and super intelligence,” the company said.
Musk also pointed to SpaceX’s progress on computing power. In a post on X on Wednesday, he said SpaceX has a chance of reaching about half a gigawatt of “actually usable” compute next year, adding that his team gets a large cluster running reliably in about two months, while he guessed others need closer to six.
Institutions are also adding exposure, which may be helping boost shares. State Street raised its stake in SpaceX by 77.8% to 19.3 million shares, according to Benzinga Pro.
SPCX Shares Rebound
SPCX Price Action: SpaceX shares were up 2.65% at $143.46 at the time of publication on Thursday, according to Benzinga Pro. SpaceX shares have been recovering from a Nov. 5 recent closing low of $123.62, though they remain well below all-time highs of approximately $225.64.
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