TLDR
- SPCX rose 1.2% to $139.63 on Wednesday, with quarterly revenue up 91.9% year over year to $7.81 billion
- EPS came in at a $0.09 loss, beating analyst expectations of a $0.26 loss
- Morgan Stanley reiterated a Buy rating with a $300 price target, saying the stock is “attractively valued”
- SpaceX plans a $100 billion Starship launch site in Louisiana, targeting thousands of launches per year
- Wall Street holds a “Moderate Buy” consensus with an average price target of $232.35
SpaceX (SPCX) climbed 1.2% on Wednesday to close at $139.63, touching an intraday high of $140.18 during the session.
Space Exploration Technologies Corp., SPCX
Volume came in at roughly 59 million, down about 46% from the average daily volume of 110 million.
The move followed a strong earnings beat. The company reported a loss of $0.09 per share for the quarter, well ahead of the analyst consensus of a $0.26 loss.
Revenue for the quarter hit $7.81 billion, a 91.9% jump compared to the same period last year.
Morgan Stanley analyst Adam Jonas responded by reiterating his Buy rating and $300 price target, saying SPCX is “attractively valued” trading at 10x sales on 70% growth and 25x EBIT on 113% growth based on his FY28 forecasts.
Jonas said the market is underestimating how aggressive SpaceX’s Starship launch plans really are.
Louisiana Starbase Expansion
The catalyst for fresh analyst attention was SpaceX’s announcement of a $100 billion Starship launch facility on Louisiana’s southern coast in Vermilion Parish.
The site would span roughly 125,000 acres and include five launch complexes, production facilities and support infrastructure.
Construction is expected to begin in 2027. SpaceX says the facility could support thousands of Starship launches annually.
Jonas noted that SpaceX plans to build a total of 15 launch pads, well above its current three. He projects that even at just two launches per pad per day, SpaceX could hit around 5,800 launches per year by 2040 using only eight pads.
“We do not need a fully operational Starbase, LA to get to even our 2040 forecasts,” Jonas wrote, where he projects $3.5 trillion in revenue.
Analyst Ratings and Risks
Not everyone is as bullish. Susquehanna downgraded SPCX to underperform in August. CFRA has a sell rating with a $115 price target, and one valuation analysis projects the stock could fall to $95 by 2028 if its AI and space plans fail to deliver profits.
The Louisiana project has drawn environmental criticism, with concerns about damage to the coastal site.
Critics also point out that Musk’s proposed million-satellite AI constellation could require nine or more Starship launches per day, an extremely demanding target.
SpaceX is also winding down Falcon 9 Starlink launches from Florida, shifting more operations to Starship. That transition increases reliance on Starship hitting reliable, high-frequency launch targets.
The company plans to launch its first Nvidia-powered AI satellites in late 2027, a move that would push it further into orbital computing.
The stock is currently trading above its IPO price of $135 but remains well below its peak of $225.64.
Wall Street’s consensus sits at a Moderate Buy based on 24 Buys, five Holds and three Sells, with an average price target of $232.35, implying about 66% upside from current levels.
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