SpaceX (SPCX) shares surged 5.08% in intraday trading on Wednesday, rebounding strongly from a prior session decline as a wave of bullish catalysts centered on the company's artificial intelligence ambitions captured investor attention.

The rally was primarily ignited by CEO Elon Musk's comments in a company-wide meeting, where he forecast that AI revenue would surpass all other SpaceX businesses as early as September and could eventually reach $300 billion to $500 billion annually. Musk also asserted that AI would represent 99% of SpaceX's value within five years. Adding to the positive sentiment, Morgan Stanley analyst Adam Jonas unveiled a bull case scenario projecting SpaceX shares could hit $600, driven by the potential of orbital AI data centers and Starlink's expansion into AI-powered robotics. Further support came from the disclosure that Norway's $2.3 trillion sovereign wealth fund had taken a $1.2 billion stake in SpaceX, alongside a large whale buy order executed during pre-market hours.

The convergence of an ambitious AI roadmap, a high-profile analyst upgrade, and significant institutional backing helped investors look past recent post-IPO lockup uncertainties and propelled the stock to robust gains during the session.