Key Takeaways
- Shares of SpaceX advanced approximately 1% on Tuesday, rebounding from prior-session weakness to trade around $146.65.
- John Blackledge of TD Cowen initiated coverage with a Buy recommendation and established a $200 price objective, representing potential upside of roughly 40%.
- The company’s Starship vehicle achieved orbital insertion for the first time on its 14th test mission, successfully releasing 26 advanced Starlink satellites.
- Analyst sentiment remains strongly positive, with 76% assigning Buy ratings and consensus price targets averaging approximately $223.
- Wall Street forecasts AI computing infrastructure leasing—serving clients such as Google and Anthropic—will emerge as the company’s primary growth driver.
Shares of SpaceX edged higher by roughly 1% during Tuesday’s premarket session, reaching $146.65 as the stock recovered a portion of losses sustained in the previous trading day. The uptick followed renewed optimism from the investment community.
Space Exploration Technologies Corp., SPCX
On Monday, TD Cowen analyst John Blackledge launched coverage of the company with a Buy recommendation. His $200 price objective represents approximately 40% potential appreciation from current trading levels.
In his analysis, Blackledge highlighted SpaceX’s terrestrial AI computing operations as a primary catalyst for his optimistic stance. The enterprise has been leasing computational infrastructure to organizations including Anthropic and Alphabet, generating billions in monthly revenue.
The analyst also emphasized the strategic value of Starship, SpaceX’s fully reusable launch system. He believes the platform will eventually amplify both the AI computing segment and Starlink, the company’s satellite broadband network.
Historic Orbital Achievement for Starship
On Monday, Starship completed its 14th test mission. The flight represented a breakthrough as the vehicle successfully entered orbit, while deploying 26 enhanced, second-generation Starlink satellites during the mission.
RBC’s Ken Herbert characterized the successful flight as a significant advancement for SpaceX’s launch operations in research published Monday. William Blair’s Louie DiPalma shared similar enthusiasm, connecting Starship’s progress directly to the firm’s computing infrastructure strategy.
DiPalma referenced recent statements from Elon Musk indicating that SpaceX intends to deploy one gigawatt of computing capacity by 2028 for substantially less than $65 billion. This projection is particularly noteworthy given that constructing equivalent ground-based AI infrastructure currently demands $40 billion to $50 billion in capital expenditure.
Traditional data centers also incur substantial operational expenses that orbital computing infrastructure would eliminate, particularly electricity costs from utility providers. As Starship’s launch frequency accelerates, SpaceX’s deployment economics should improve considerably.
Wall Street Consensus Strengthens
According to FactSet data, approximately 76% of analysts monitoring SpaceX maintain Buy recommendations on the stock. This percentage significantly exceeds the standard 55% to 60% Buy rating range observed across S&P 500 constituents.
More than 40 analysts currently provide coverage on SpaceX, representing diverse specializations including aerospace, technology sectors, and telecommunications. The consensus price objective stands near $223.
Blackledge’s primary coverage universe typically includes major technology corporations such as Amazon and Meta Platforms. In contrast, Herbert and DiPalma concentrate their research efforts on aerospace and defense industries.
TD Cowen’s financial model anticipates that AI computing leasing operations will constitute the majority of SpaceX’s total revenue by the first quarter of 2027. The firm attributes this transition to expanding terrestrial gigawatt capacity deployment.
Over the trailing twelve-month period, SpaceX recorded $23 billion in revenue. Wall Street analysts are projecting 144% revenue expansion for the 2026 fiscal year.
Additional investment firms have issued supportive assessments recently. Clear Street maintained its Buy recommendation with a $217 price objective following Starship’s orbital mission and satellite deployment success.
Bernstein SocGen Group sustained its Outperform rating, forecasting that Starlink’s residential internet service could generate approximately $64 billion in annual revenue by 2031. The projection relies on Starlink’s subscriber count, which has experienced year-over-year doubling for four consecutive years.
Mizuho became the most recent firm to issue commentary, confirming its Outperform rating alongside a $200 price target on Monday. The firm emphasized SpaceX’s capacity to maintain premium market pricing as a fundamental strength supporting its positive outlook.
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