SpaceX Stocks Keep Rebounding. Elon Musk is a Trillionaire Again.

Elon Musk has gone back to being the world's only trillionaire as the stocks of Tesla and SpaceX continue to climb on Tuesday.

The former has gained about 8% since the beginning of the month, especially after delivering more vehicles than expected in the third quarter.

Concretely, Tesla delivered 486,532 vehicles as the electric vehicle maker showed a sharp improvement from earlier this year despite intensifying global competition.

Wall Street analysts had expected roughly 461,100 deliveries, according to StreetAccount consensus cited by CNBC. Tesla's own company-compiled consensus, released earlier this week and based on estimates from 24 sell-side analysts, called for 461,974 deliveries.

That means Tesla exceeded its company-compiled consensus by nearly 25,000 vehicles, or about 5.3%. The result, however, was still below last year's record third quarter. Tesla delivered 497,099 vehicles in the third quarter of 2025, making the latest figure a decline of about 2.1% year over year. Last year's quarter remains Tesla's delivery record.

Tesla's Model 3 sedan and Model Y SUV continued to dominate its automotive business. The company delivered 478,237 Model 3 and Model Y vehicles during the quarter, compared with 8,295 vehicles across its other models. Together, the Model 3 and Model Y accounted for roughly 98% of total deliveries. Tesla produced 457,387 Model 3 and Model Y vehicles during the period.

The stronger-than-expected quarter comes at a crucial time for Tesla. The company is facing increasingly aggressive competition from Chinese EV manufacturers including BYD and Xiaomi, while attempting to reverse consecutive annual declines in vehicle sales. Tesla has also dealt with consumer backlash surrounding Musk and changes to U.S. EV incentives.

Elsewhere, SpaceX stock have gained more than 17% over the past days. It has topped $174 per share on Tuesday, still far from the more than $200 reached at its peak but well above its $108 low from August.

TD Cowen analyst John Blackedge said in late September that company shares were poised for a rebound as the company's growing artificial intelligence computing business adds another major source of revenue alongside Starlink and launch services.

The call centers heavily on a part of SpaceX's business that has moved beyond rockets and broadband satellites: leasing large amounts of computing capacity to companies developing artificial intelligence models.

Blackledge expects terrestrial AI compute leasing to become SpaceX's fastest-growing revenue stream and account for a majority of the company's overall revenue by the first quarter of 2027, CNBC reported, citing the analyst's note.

He estimated that SpaceX's terrestrial computing capacity could rise from about 2.1 gigawatts in 2026 to 6 gigawatts by the end of 2027. TD Cowen also estimates the company could generate about $8.1 billion in AI compute leasing revenue during the fourth quarter of 2026 and exit December with roughly $41 billion in annual recurring revenue from the business.

Those projections are TD Cowen estimates, but SpaceX's public filings already show the company has signed substantial contracts around its computing infrastructure.

SpaceX disclosed in its IPO prospectus that it entered cloud services agreements with Anthropic in May covering computing capacity across its Colossus and Colossus II infrastructure.

The agreements provide Anthropic access to roughly 325,000 Nvidia GPUs, along with large-scale CPU, storage and networking infrastructure built for AI workloads, according to the company's SEC prospectus. Anthropic agreed to pay SpaceX $1.25 billion a month through May 2029, with lower payments during the initial capacity ramp in May and June 2026.