A flurry of Wall Street analysts is turning incredibly bullish on SpaceX, with 12-month price targets ranging from Raymond James' $800 to Arete Research's $401 and Morgan Stanley's $300.
The average price target across 34 analysts tracked by Bloomberg now sits at around $236, implying massive upside from current levels of about $150 and reinforcing the view that analysts are beginning to value SpaceX less as a rocket company and more as a foundational AI, satellite broadband, and next-generation infrastructure company.
Raymond James is the most bullish among analysts covering SpaceX, initiating coverage with a "Strong Buy" rating and a Street-high 12-month price target of $800, about 500% above its IPO price.
"Just as railroads, electric grids, and the Internet reshaped prior economic eras, we believe SpaceX is building the foundational platform for the next generation of industrial capacity," Raymond James analyst Brian Gesuale wrote in a note to clients.
JPMorgan analyst Doug Anmuth told clients Tuesday that his team initiated coverage on SpaceX with an "Overweight" rating and a $225 12-month price target.
"SpaceX's ambitions are bigger than any company's we've seen - to make life multi-planetary, leverage the Sun to build out AI in space, & build bases on the Moon and cities on other planets," Anmuth wrote in the note.
He continued:
In our view, no other company is as well positioned to go after the combined anticipated TAM of $28T+. Launch is the key enabler & differentiator, with ~670 orbital launches, a 99%+ success rate, & 80%+ of all mass to orbit since 2023. Starship should deliver a 10x cost improvement & ~4x higher payload vs. Falcon 9 and enable the company to pursue entirely new markets. Connectivity drives current financials via Starlink, the largest LEO constellation (9,600+ satellites, 12M+ active customers, 164 markets), where we project broadband subscribers growing from 9M in 2025 to 95M+ in 2030. Importantly, AI is expected to be the long-term driver, as SpaceX is modeled to ramp terrestrial compute ~8x to 8GW by the end of 2028 & pursue orbital compute towards ~75GW by the end of 2031. We believe significant upside potential remains as the company quite literally builds out the next frontier.
Edison Yu at Deutsche Bank told clients earlier today that SpaceX "represents in our view the apex of civilizational ambition, oftentimes expressed in steel and fire, bending the arc of history to make humans multiplanetary by building foundational infrastructure across transportation, connectivity, and AI."
"In short, across nearly every category, we struggle to find competitors that can challenge SpaceX's moat and therefore initiate coverage with a Buy rating and $255 price target," Yu said.
SpaceX shares fell 5.5% on Tuesday morning to $151 and now trades down 31% from the June 16 intraday high of $218. Shares have been basing around the $150 level since June 24.
Another major bull on the stock is Morgan Stanley, which has a $300 12-month price target, with analysts at the bank stating that the company stands to gain from AI demand.
RBC Capital Markets analyst Tom Narayan raised Tesla's 12-month price target on the view of a SpaceX-Tesla merger on the horizon.
Narayan continued:
Our view: In this report, we raise our Tesla PT to $500 by incorporating a 25-30% premium to current trading levels, (and a 15% premium to the stock's intrinsic value), owing to a potential SpaceX acquisition scenario based on unconfirmed media reports. We also sharpen our pencils on our Tesla intrinsic valuation. We believe our robotaxi work in particular is unique in both in its approach and detail.
Meanwhile, Morningstar analysts remain the most bearish on SpaceX, with a "Sell" rating and a 12-month price target of $62.
Professional subscribers can read the full SpaceX coverage from leading desks here at our new Marketdesk.ai portal.
We suggest starting with:
1. Deutsche Bank: Apex of Civilizational Ambition
2. Needham: Launch King Secures Its Rule in Orbital Infrastructure; Initiate Buy
4. Morgan Stanley: AI's Final Frontier; Initiate at Overweight, PT $300
5. JPMorgan: The Next Frontier; Initiating Coverage with an Overweight Rating & $225 PT
Index inclusion could provide support for SpaceX around the $150 level. Bloomberg Intelligence analysts estimated that inclusion in the Nasdaq-100 and FTSE Russell could generate at least $5.4 billion in demand from index-tracking funds.