Dan Ives Says SpaceX Looks Expensive, But Elon Musk-Led SPCX Could Become 'One of the Best AI Plays' - Sp

Wedbush’s Global Head of Tech Research, Dan Ives, said Space Exploration Technologies Corp.

(NASDAQ:SPCX) could become a major artificial intelligence (AI) infrastructure company, arguing that investors should view the newly public Elon Musk-led firm as more than a traditional space business.

Ives Calls SpaceX A Major AI Play SpaceX is "much more of an AI play" than a traditional space company and is well positioned to become a major hyperscaler, Ives said while speaking on CNBC’s "Fast Money" on Tuesday.

He added that Wedbush values SpaceX using a "sum of the parts" approach, with AI compute forming a major part of its long-term investment thesis.

Ives acknowledged that SpaceX looks expensive based on current revenue.