TLDR
- SpaceX (SPCX) stock fell 9.14% on Thursday, a day after a strong third-quarter report.
- Bloomberg says SpaceX wants at least 80,000 US cell sites and is in talks with Crown Castle.
- Q3 revenue rose 161% to $14.6 billion, with a $4.4 billion profit.
- JPMorgan lifted its target to $500 from $240, far above the other banks, which range from $190 to $300.
- Starship Flight 15 is expected next month with a catch attempt.
SpaceX (SPCX) stock fell 9.14% on Thursday. The drop came a day after earnings and a flurry of analyst notes.
Space Exploration Technologies Corp., SPCX
The week had started with a jump. The stock rose 6.6% after hours to $157.59 on Oct. 20, after closing at $147.79.
Bloomberg reported that SpaceX wants at least 80,000 cell sites across the US. It is in talks with at least one major tower company, according to people familiar with the matter.
Crown Castle is one of the companies involved, the people said. CEO Chris Hillabrant told analysts, “You can assume that we’re talking to all parties.”
The deals could be worth billions. They would move SpaceX closer to a fourth nationwide wireless carrier.
What SpaceX Reported
Third-quarter revenue rose 161% to $14.6 billion, beating the $12.87 billion analysts expected. SpaceX also posted a $4.4 billion profit, compared with a $1.1 billion loss a year earlier.
The Super Intelligence segment brought in $7.6 billion, up 830%. Connectivity grew 69% to $5.2 billion.
Musk said he is “fairly confident” SpaceX can add about 10 gigawatts of computing capacity in 2027. He also said spectrum purchases and satellite launches will help Starlink Mobile become a major US carrier.
SpaceX spent $19.6 billion on capital projects in the quarter. It guided to $35 billion to $40 billion in the fourth.
Wall Street Price Targets
JPMorgan analyst Doug Anmuth raised his target to $500 from $240 and kept an Overweight rating. That implies 238% upside from the Oct. 20 close.
His target assumes 2027 revenue of $254 billion. It rests on 20 times his 2028 earnings estimate of $24.41 per share.
The other banks sit well below that. Morgan Stanley has a $300 target, UBS $230, RBC Capital $225, Mizuho $205 and Stifel $190.
SpaceX guided to first-quarter 2027 revenue of $33 billion to $37 billion. Four times that range is $132 billion to $148 billion, well short of JPMorgan’s forecast.
Backlog ended the quarter at $63 billion, with about $42 billion expected to turn into revenue within 12 months. That is roughly 17% of JPMorgan’s 2027 revenue estimate.
Musk said SpaceX and Tesla have formed special committees to study a possible merger. It would need shareholder approval, and JPMorgan noted regulators could weigh in.
Tower stocks also moved Thursday, with American Tower up 2.21% and Crown Castle up 0.23%. They had risen earlier this month after SpaceX bought low-band spectrum.
Starship Flight 15 is expected next month with a catch attempt. Musk said success “is not guaranteed.”
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