Siemens Energy shares dip on SpaceX gas turbine component reports

Siemens Energy shares faced selling pressure following reports that Elon Musk’s SpaceX may enter the manufacturing of gas turbine components to secure power for its AI data centers. The news caused the stock to drop to levels not seen since mid-August, reaching a low of approximately 139.50 euros.

Despite the market reaction, major financial institutions have maintained positive outlooks on the company. Jefferies reaffirmed a ‘Buy’ rating with a price target of 215 euros, noting that SpaceX’s potential entry highlights the massive and sustained demand for electricity. JPMorgan also maintained an ‘Overweight’ rating with a 245 euro target, suggesting that a new supplier for turbine components could actually benefit the industry and noting that the gas turbine segment represents only about 10 percent of Siemens Energy’s total revenue.