Wall Street has flipped from bearish to bullish on SpaceX as its AI compute business grows far faster than anyone expected — good news for long-term holders, less so for anyone who bought near the post-IPO highs.

• Barron's publicly admitted it was wrong to call SpaceX worth $90 a share shortly before the IPO.
• What changed: instead of burning cash chasing the best AI models, SpaceX now rents out data center compute and sells AI apps like Grokbot — and the contracts keep piling up.
• Profit forecasts for 2030 have exploded roughly fivefold, with most of that coming from AI infrastructure rather than rockets or Starlink.
• Renting compute to others while owning the app layer is the smarter bet, since cutting-edge AI models are turning into a cheap commodity.
• The stock still looks cheap on those new numbers, trading below its growth rate — though buyers from the post-IPO run-up are underwater today.

Outlook: If the compute contracts and fat margins hold, the stock has a long runway into 2030, but anything near current levels only pays off for investors willing to wait years.