Wedbush’s Global Head of Tech Research, Dan Ives, said Space Exploration Technologies Corp. (NASDAQ:SPCX) could become a major artificial intelligence (AI) infrastructure company, arguing that investors should view the newly public Elon Musk-led firm as more than a traditional space business. Speaking on CNBC’s "Fast Money" on Tuesday, Ives stated SpaceX is "much more of an AI play" and well positioned to become a major hyperscaler, with Wedbush using a "sum of the parts" approach that includes AI compute as a major part of its long-term investment thesis. Ives acknowledged that SpaceX looks expensive based on current revenue but said execution over the next two to three years could change how investors view the company, adding, "If they execute, I could argue this becomes one of the best AI plays in the market." Ives initiated coverage of SpaceX with an "Outperform" rating and a $190 price target, implying roughly 16% upside from the stock’s prior close. SpaceX, which made its historic market debut on June 12, is up 6.16% so far. On Tuesday, the stock closed at $170.86, down 4.06%, and gained 0.89% in after-hours trading.