Elon Musk, the CEO of SpaceX, has publicly refuted recent media claims regarding a massive server purchase, labeling the reports as completely inaccurate.

On Monday, the executive took to a social media platform to deny a story that suggested SpaceX had placed an order with Foxconn for NVIDIA AI servers valued at approximately $52 billion.

Earlier reports had indicated that Hon Hai Precision Industry, Foxconn's parent company, secured an order from SpaceX for its next-generation AI servers. The reports estimated the deal's size based on a plan to deploy over 13,000 server racks built on NVIDIA's GB200 platform, with a theoretical value nearing $52 billion if each rack cost around $4 million.

It is important to note that this figure was not a confirmed contract value but a projection derived from estimated per-unit costs.

As of the latest update, neither Hon Hai nor NVIDIA has issued any official comment on these reports.

Prior to Musk's denial, an analyst from Citrini had published commentary stating that Hon Hai had broken the duopoly of Dell and SUPER MICRO COMPUTER INC in the AI server manufacturing sector by securing this initial order for the GB200 servers.

The analyst also noted that this order was not yet reflected in Hon Hai's existing performance guidance, suggesting the company's AI-related business growth could significantly outpace current market expectations.

This potential, combined with strong performance from its subsidiary Foxconn Industrial Internet, has led to heightened market anticipation for Hon Hai's second-half results.

The initial reports impacted pre-market trading, with SpaceX shares rising about 1%. However, these gains were completely erased after the market opened, and the stock is currently down 1.77%.

Following Musk's public dismissal of the story's authenticity, the market is now reassessing the credibility of the original rumors.