SpaceX draws 33% upside target as 11 analysts set $227 median

Space Exploration Technologies (NASDAQ: SPCX) has a median analyst price target of $227 per share, implying 33% upside from its current $170 price, according to 11 analysts covering the stock since its June 12 IPO.

"The company's vertical integration across rockets, satellites, and AI creates a cost advantage no competitor can match," an analyst at a bulge-bracket bank said on condition of anonymity because the target was not yet public.

SpaceX debuted at $135 a share, the largest IPO in history by capital raised at $75 billion, and surged to about $202 before retreating. The stock now trades 26% above its IPO price but 16% below its post-IPO peak. Analyst targets range from $62 on the low end to $310 on the high end, according to data compiled by Bloomberg.

The company values its total addressable market at $28.5 trillion, with $26.5 trillion attributed to its artificial intelligence segment, $1.6 trillion to connectivity and $370 billion to space services. In the first quarter, SpaceX reported $4.7 billion in revenue, up 15% from a year earlier, though net loss widened to $4.3 billion from $528 million as AI-related research costs surged. Starlink, its satellite internet unit, generated $11.4 billion in revenue and $4.4 billion in operating profit in 2025, serving more than 10 million subscribers across 164 countries.

SpaceX's market value stands at roughly $2.3 trillion, giving it a price-to-sales ratio of about 114 — more than double Palantir Technologies' 54 times sales, the highest in the S&P 500. The company also carries a price-to-book ratio of roughly 59. Last week, SpaceX raised $25 billion in a debt sale that drew nearly $90 billion in orders, pricing bonds in five tranches with maturities from 2031 to 2056 and coupons ranging from 5.35% to 6.65%.

The median target implies a market capitalization of roughly $3 trillion if achieved, which would make SpaceX the third-most-valuable US company behind Apple and Nvidia. Investors will watch for the company's next quarterly filing, expected in August, for updates on Starlink subscriber growth and AI segment revenue, which together will test whether the $28.5 trillion TAM thesis is gaining traction.

This article is for informational purposes only and does not constitute investment advice.