TLDR
- SpaceX stock rose about 1% Tuesday, recovering some of Monday’s losses, trading near $146.65.
- TD Cowen analyst John Blackledge started coverage with a Buy rating and a $200 price target, about 40% above recent levels.
- Starship reached orbit for the first time during its 14th test flight, deploying 26 next-generation Starlink satellites.
- 76% of analysts covering SpaceX rate the stock a Buy, with an average price target near $223.
- Analysts expect AI compute leasing, with customers including Google and Anthropic, to become SpaceX’s fastest growing revenue stream.
SpaceX stock climbed about 1% in premarket trading Tuesday to $146.65, clawing back some of Monday’s decline. The move came as Wall Street handed the company a fresh vote of confidence.
Space Exploration Technologies Corp., SPCX
TD Cowen analyst John Blackledge started coverage of SpaceX with a Buy rating on Monday. He set a price target of $200, roughly 40% above where the stock recently traded.
Blackledge pointed to SpaceX’s ground-based AI computing business as a key reason for his bullish call. The company has been renting computing capacity to firms like Anthropic and Alphabet for billions of dollars a month.
He also flagged the long-term potential of Starship, SpaceX’s fully reusable rocket. Over time, the vehicle could boost both the AI compute business and Starlink, the company’s satellite internet service.
Starship Reaches Orbit
Starship launched on Monday for its 14th test flight. It marked the first time the ship reached orbit, and it deployed 26 more capable, next-generation Starlink satellites along the way.
RBC analyst Ken Herbert called the flight a milestone for SpaceX’s launch capabilities in a note published Monday. William Blair analyst Louie DiPalma echoed that view, tying Starship directly to the company’s compute ambitions.
DiPalma noted that Elon Musk recently said SpaceX aims to launch a gigawatt of compute capacity by 2028 for well under $65 billion. That figure stands out because building a gigawatt of AI compute on the ground currently costs $40 billion to $50 billion.
Ground-based data centers also carry ongoing costs that space-based compute would avoid, since they must pay utilities for power. SpaceX’s costs should fall further as Starship’s launch pace increases.
Analyst Coverage Grows
Roughly 76% of analysts tracking SpaceX rate the stock a Buy, according to FactSet. That’s well above the typical range of 55% to 60% for S&P 500 companies.
More than 40 analysts now cover SpaceX, a mix of aerospace, technology, and telecom specialists. The average price target sits near $223.
Blackledge himself typically covers large tech names like Amazon and Meta Platforms. Herbert and DiPalma, by contrast, focus on aerospace and defense.
TD Cowen projects that AI compute leasing will make up most of SpaceX’s total revenue by the first quarter of 2027. The firm expects ramping terrestrial gigawatt capacity to drive that shift.
SpaceX generated $23 billion in revenue over the past twelve months. Analysts are forecasting 144% revenue growth for fiscal 2026.
Other firms have piled on with fresh bullish calls too. Clear Street reiterated a Buy rating with a $217 price target after Starship’s orbital flight and satellite deployment.
Bernstein SocGen Group kept its Outperform rating, projecting Starlink’s residential broadband business could reach about $64 billion in revenue by 2031. The firm cited Starlink’s subscriber base, which has doubled annually for four straight years.
Mizuho was the latest to weigh in, reaffirming its Outperform rating with a $200 price target on Monday. The firm pointed to SpaceX’s ability to hold premium pricing in the market as a key factor behind its call.
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