SpaceX just delivered one of its strongest quarters.latest numbers are impressive, no doubt about that. Revenue jumped 161% year over year to $14.58 billion, with its Super Intelligence business contributing $7.56 billion. Starlink is also continuing to grow. To me, this is a pretty big shift in the SpaceX story. We're no longer just talking about rockets and satellites. SpaceX is increasingly becoming an AI infrastructure player, which opens up a much bigger market in the long run.

But here's where things get interesting. SpaceX spent around $19.6 billion on capital expenditure in Q3, more than its entire quarterly revenue. A huge portion went into building out its AI infrastructure. That's a serious investment, and it tells me the company is playing the long game rather than focusing on short-term cash generation. If these investments pay off, they could create a significant competitive advantage. But if revenue and cash flow fail to keep up with spending, investors may start questioning how much that future growth is really worth. And with Q4 capital expenditure expected to climb even higher, this is definitely something worth keeping an eye on.

Then there's the Tesla–SpaceX merger story. On paper, the combination makes a lot of sense. AI, robotics, computing infrastructure and satellite connectivity could complement each other in some interesting ways. It could also give investors another reason to price in future growth. However, talks are still ongoing, and there are no agreed deal terms. I wouldn't price in a merger that hasn't even happened yet. For now, it's a potential catalyst, not a guaranteed bonus.

Let's take a look at the technical aspects, specifically the four-hour chart.

SPCX has shifted from a bullish to a bearish market structure. Following the rejection at $175–176, price began forming lower highs (LH), while the failed recovery around $150–152 confirmed weakening bullish momentum.

The $140–143 zone is now a key support-turned-resistance area. Above it, $148–152 represents the primary supply zone, with $158–162 as major structural resistance.

On the downside, $133–135 is immediate support. A confirmed 4H breakdown would expose $128–130, followed by $120–123.

So my plan is:
Direction: Short
Entry zone: $140–148
Stop-loss: $154
TP1: $133–135
TP2: $128–130
TP3: $120–123

I would prefer a failed breakout, a clear rejection candle or a lower high before entering.

But sustained move above $152 would weaken my immediate bearish view. If SPCX can reclaim $158–162 and hold there, I would no longer be comfortable treating every rebound as a selling opportunity.

While I'm watching SPCX for a potential rebound short, I'm also looking beyond the chart. After preOPAI climbed from $725 to over $1,000 and preSPCX reached $948 from $650, Anthropic is the next IPO Prime opportunity I'm watching on Bitget. As an SPCX trader, it gives me another way to diversify my AI exposure and put capital to work beyond short-term stock trades, using USDT or USDGO.

My Conclusion:
SpaceX's AI expansion and strong revenue growth make its long-term story attractive, but rising capital expenditure and uncertainty around the Tesla merger leave questions about valuation. Combined with SPCX's weakening 4H structure, I prefer a bearish short-term approach.

This is my personal market analysis, not financial advice. All price levels and trade ideas are for reference only. Please do your own research and manage your risk before trading.