Key TakeawaysOver the last three weeks, retail traders have offloaded approximately $570 million worth of SpaceX shares, including $250 million in the most recent week.CFO Bret Johnsen reinforced SpaceX’s goal of reaching $100 billion in annual revenue, supported by a fresh AI computing contract valued at $1.11 billion monthly.Index funds are expected to purchase approximately $15.5 billion in SpaceX shares following a Nasdaq-100 weighting adjustment scheduled for September 21.Second-quarter revenue totaled $7.8 billion, representing a 92% increase compared to the prior year, with $2.6 billion attributed to AI operations.Analyst consensus points to a Moderate Buy recommendation with an average price objective of $219, suggesting potential gains of approximately 51%.SpaceX (SPCX) shares traded at $153.37 during early Friday sessions, declining 0.8% while broader market indices remained largely unchanged. Despite trading roughly 15% above its $135 initial public offering price, the stock has witnessed sustained retail investor departures.Space Exploration Technologies Corp., SPCXAccording to JPMorgan analyst Arun Jain, who monitors retail trading patterns, SpaceX has experienced approximately $570 million in retail outflows during the past three-week period. The most recent week witnessed nearly $250 million in withdrawals, marking the highest single-week retail exodus Jain has documented for the company.The selloff isn’t tied to poor stock performance. SpaceX shares have actually appreciated by approximately $20 since the selling wave commenced. The more plausible interpretation involves profit-taking following the initial surge of post-IPO purchasing, when everyday investors gained their first opportunity to acquire shares in Musk’s aerospace venture.Despite the recent selling pressure, cumulative retail investment in SpaceX remains around $3.4 billion. This represents a substantial position. For comparison, retail traders control approximately 40% of Tesla’s available float, roughly double the typical percentage for major technology companies, and this dedicated shareholder base has provided critical support for Tesla’s elevated valuation of 174 times projected earnings.SpaceX presently commands a forward earnings multiple of approximately 138 times. While this represents a discount relative to Tesla, it remains an elevated valuation that signals substantial market expectations.New AI Contract Reinforces $100 Billion Revenue AmbitionDuring a Goldman Sachs investment conference, SpaceX CFO Bret Johnsen expressed increased confidence in achieving the company’s $100 billion annualized revenue target. The primary driver is a newly secured AI computing agreement valued at $1.11 billion monthly beginning in December, translating to roughly $13 billion on an annual basis, with a customer whose identity has not been disclosed.This arrangement complements current AI compute partnerships with Google and Anthropic, which collectively generate over $2 billion in monthly revenue. An additional $6.7 billion cloud infrastructure agreement is scheduled to scale up in October. Johnsen noted that the AI infrastructure investments can achieve full payback in less than twelve months based on contracted commitments.The company posted $7.8 billion in second-quarter revenue, reflecting 92% year-over-year growth. The connectivity division accounted for $4.3 billion of total revenue. Achieving the $100 billion annualized revenue objective by year-end would require monthly revenues to exceed triple the current run rate of approximately $2.6 billion.Nasdaq-100 Adjustment May Provide Share Price SupportAn imminent catalyst arrives on September 21. SpaceX’s allocation within the Nasdaq-100 index is projected to expand from approximately 1.25% to roughly 2.25%, following the expiration of lockup restrictions on over one billion shares, which elevated the freely tradable float to nearly 30%. JPMorgan projects this rebalancing will necessitate approximately $15.5 billion in passive fund purchases.Morgan Stanley analyst Adam Jonas initiated coverage on September 15 with a Buy recommendation and $300 price objective, implying 100% appreciation potential. Bernstein analyst Douglas Harned maintains a Buy rating with a $248 target. MoffettNathanson preserved its Hold stance while increasing its price target from $131 to $142.Among 36 Wall Street analysts covering the stock, the consensus rating stands at Moderate Buy with an average price target of $219. The highest analyst projection reaches $800.Additionally, SpaceX secured a NASA launch services contract for the StarBurst gamma ray detection instrument, scheduled for deployment no earlier than 2028.The post SpaceX (SPCX) Stock: Retail Traders Exit with $570M in Sales Despite Wall Street’s Optimistic Outlook appeared first on Blockonomi.