Elon Musk, the CEO of Space Exploration Technologies Corp., has refuted reports that his company is developing a handheld AI device. Musk took to X to respond to the claims, labeling them as "utterly false." The denial follows a published report suggesting SpaceX had presented investors with a prototype of a device similar to Apple Inc.'s iPhone, though the original post regarding the report was later deleted.

The disputed report, published by the Wall Street Journal on Wednesday, indicated that the device would be "slimmer" than an iPhone and run on SpaceX’s proprietary system using AI technology from xAI. It further claimed the device would include chips from Qualcomm Inc. However, the report noted the device was still in the prototype phase with no official name, and it remained unclear if it would ever be released to the public.

Earlier this year, Musk stated a Starlink phone was "not out of the question" and could be AI-optimized, but he later clarified that SpaceX is not developing a smartphone. The recent report emerged after SpaceX President Gwynne Shotwell reportedly informed investors last month about plans to launch a Starlink retail product for U.S. consumers and build its own terrestrial mobile network.

Analyst Perspectives on Market Entry

Analysts hold differing views on SpaceX's potential strategy in the wireless sector. An analyst at TD Cowen predicted that SpaceX could pursue an acquisition of T-Mobile US Inc. to expand its wireless ambitions. This move would leverage the existing Starlink partnership and target the growing mobile connectivity market. In its IPO filing, SpaceX estimated a $740 billion addressable market for Starlink Mobile, signaling plans to compete with carriers such as Verizon Communications and AT&T.

Conversely, analysts at Vital Knowledge expressed skepticism regarding SpaceX's ability to scale consumer device manufacturing and compete with established platforms. The firm argued that Musk's companies often receive generous valuations based on ambitious product promises rather than proven consumer products, noting it is "hard to imagine SpaceX becoming a force in consumer electronics."

Recent Stock Performance

Since its debut on June 12, SpaceX stock has declined 2.12%. On Wednesday, the stock fell 7.80% to close at $157.54.

Elon Musk stated he would be disappointed if Space Exploration Technologies Corp. failed to significantly exceed bullish financial projections for the coming years, including a potential $1 trillion in annual revenue by 2030. The comments, posted on X on June 29, 2026, respond to aggressive growth estimates from industry analysts and underscore the high expectations placed on the rocket, satellite, and AI infrastructure company following its recent public market debut.

Musk was replying to Aaron Burnett, CEO of asset management firm Mach33, who shared a projection that SpaceX could scale to nearly $100 billion in annual revenue by 2028. Burnett cited drivers such as launch control, Starlink growth beyond 10 million subscribers, V3 satellites, direct-to-cell service, Starship reusability, and AI compute leasing. Burnett noted that his team's estimates for Starlink are among the industry's most optimistic and suggested that the AI compute side might be underestimated.

Musk Raises Bar For SpaceX Growth

"I would be disappointed if SpaceX did not significantly exceed these milestones," Musk wrote on X. This stance aligns with an even larger claim Musk made earlier in the month, suggesting SpaceX could reach roughly $1 trillion in annual revenue by 2030. This figure is more than triple the estimate of roughly $330 billion from Morgan Stanley at the time. Musk also indicated he would be surprised if revenue remained below $1 trillion in 2031.

Other analyst projections vary significantly. Goldman Sachs has projected a 2030 revenue figure above $470 billion, while New Street Research estimates about $195 billion by 2030. ARK Invest's Brett Winton has suggested revenue could eventually reach $300 billion to $400 billion.

Financial Performance and Market Debut

These targets contrast sharply with SpaceX's recent financial results. The company reported $18.67 billion in revenue in 2025, up from $14.02 billion in 2024, but posted a net loss of $4.94 billion. Achieving $1 trillion in revenue by 2030 would require growth of more than 50 times the 2025 levels.

The projections arrive as SpaceX faces pressure to justify its valuation after its initial public offering. The company completed the largest IPO in history on June 12, raising $85.7 billion. Shares opened at $150 against a $135 offering price, pushing SpaceX's valuation past $2 trillion. After surging to about $225, the stock has experienced volatility and is hovering near $153, slightly above the first trading price and about 14% above the IPO offer price.

Key Financial and Market Data

SpaceX has also announced a senior unsecured bond offering and disclosed $100.8 billion in cash as of mid-June. The company is scheduled to report second-quarter earnings on Aug. 17, providing investors with the first official look at its public-market financials.