The Space Exploration Technologies (SPCX) bull camp has added another member amid an optimistic report from Wedbush lauding the company’s differentiated tech offerings.
A Wedbush analyst team led by Dan Ives released a Wednesday morning research note initiating SpaceX stock at Outperform (equivalent of Buy) with a 12-month price target of $190 per share implying 11% upside from the prior day’s closing price.
The note, deeming SpaceX “well-positioned to become a major hyperscaler with its vertically integrated platform across connectivity, launch, and AI infrastructure,” comes just a few weeks after Elon Musk’s space-and-AI company raised $86 billion in the largest initial public offering (IPO) in history.
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Why Wedbush Likes SPCX Stock
“We view SpaceX as one of the most differentiated assets within the tech market with a strong footprint across its three core markets, with Starlink driving success with connectivity, Starship launches leading to a demand flywheel and increasing deal flow for its Colossus clusters,” Ives and his team say.
SpaceX will require heavy capital investments to build out both its datacenters and the Starlink launch business. Roughly 20% of the company’s IPO raise was tied to its infrastructure investments, which Wedbush thinks will be enough in the near-term while SPCX pays off “substantial” amounts of debt. However, the company is also looking for additional capital to ramp up its AI arm.
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Early on, SPCX will rely on the financial contributions from Starlink, “which remains the company’s major focal point from a profitability standpoint.” Indeed, it’s the only SpaceX business currently printing a profit. But ultimately, Wedbush believes, the business rests on the development of the company’s reusable launch vehicle Starship.
| Space Exploration Technologies (SPCX): Quick Stats | |
|---|---|
| Market cap | $2.2 trillion |
| Dividend yield | N/A |
| Forward price-to-earnings (P/E) | N/A (negative earnings estimates) |
| Price/earnings-to-growth (PEG) | N/A (negative earnings estimates) |
| Source: Yahoo! Finance. Data is as of July 1, 2026. | |
“All of SpaceX’s future business runs through Starship, whether its Starlink’s next generation, the orbital AI-compute constellation, the Artemis lunar lander, or the cost-and-capacity step the whole forward case assumes,” Wedbush says. “The vehicle is the single largest source of value in the franchise as much as its largest risk. Starship is the lever that turns SpaceX’s launch capability into the multi-trillion-dollar markets the rest of the company is built to address, with most of that benefit landing in Connectivity and AI rather than in the Space line.”
Wedbush sees the tech stock delivering $35 billion in revenues this year, then more than doubling that to $80 billion in 2027. It doesn’t see the firm turning a full-year profit until 2028, however.
Other Analyst Opinions on SpaceX
Wedbush is the seventh research firm to give SPCX stock a Buy-equivalent rating since coverage began opening up on shares, according to data from S&P Global Market Intelligence. The firm also has three Holds and a Sell. The median price target of $188.17 represents 10% upside over the next 12 months—a relatively modest ceiling following SpaceX’s post-offering burst.
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Argus Research analyst Steve Silver does call Space Exploration Technologies a Hold, but with an asterisk: That’s his near-term rating. Long-term, he’s a Buy on SPCX.
“We see SPCX representing a potentially unrivaled combination of scale, with an ability to redefine new markets and industries,” he says. “As the company starts to develop an earnings track record, we expect to see high multiples compared to industry peers, given SPCX’s unique portfolio of assets, enhanced growth profile, and multiple large target markets. We think new revenue-generating contracts and platform monetization should support its valuation, as long as its long-term growth initiatives remain on track.
“That said, we also think that key components to SPCX’s long-term growth thesis, in particular in Space and AI, are ambitious and unproven and will take several years to be fully validated.”
Oppenheimer (Outperform) initially started SPCX at $190 but quickly raised its price target to $250 (46% upside). “We believe that SpaceX will use its expertise in engineering, manufacturing and space technologies to grow to the largest communications, cloud/AI company in the world, in our scenario,” Oppenheimer’s analysts write. “This is a very large [total addressable market] with high barriers to entry.
They warn, however, that they expect “extreme stock and operational volatility” because of a number of challenges it believes are likely to be resolved “but create the risk of falling behind schedule.”
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