SpaceX (NASDAQ:SPCX) has gone from Wall Street darling to battleground stock in less than two weeks. Analyst calls span everything from a hard Sell to blue‑sky AI moonshots, with valuation the clear fault line.
- SPCX stock is moving. See the chart and price action here.
The Bears
CFRA’s Keith Snyder planted the first flag on the bearish side, launching coverage on SPCX with a Sell and a $115 price target that implies hefty downside from the IPO frenzy levels.
He argues investors are pre‑paying for still‑nascent AI and orbital‑compute businesses while the cash engine remains Starlink.
His sum‑of‑the‑parts math lands near $1.2 trillion of fair value versus a market cap that briefly brushed $2.75 trillion dollars.
In his view, SpaceX is a world‑class franchise wrapped in an over‑extended multiple and heavy capex, not a buy‑at‑any‑price growth story.
Susquehanna’s Mehdi Minervino effectively calls a time‑out, setting a $170 price target and telling investors to wait for a better entry after a $400 billion drawdown.
He still models eye‑watering 80%+ revenue and EBITDA CAGRs through 2028 but worries the market already discounts much of that ramp.
The Bulls
On the other end, New Street Research’s Pierre Ferragu leans into the upside, with a $165 dollar base‑case target and a $330 dollar bull case if SpaceX successfully prices in its largest opportunities.
He models 2030 revenue near $195 billion, led by a $127 billion AI segment, and values the platform using growth‑stock peers like Tesla Inc. (NASDAQ:TSLA), Palantir Technologies Inc. (NASDAQ:PLTR) and Cloudflare Inc. (NYSE:NET).
For Ferragu, SPCX is a multi‑decade compounder whose space, data and defense optionality is still under‑appreciated at current levels.
Oppenheimer’s Tim Horan sits in the optimistic camp as well, with an Outperform and a $250 target built on a $25 trillion AI TAM and SpaceX’s vertically integrated stack across satellites, chips and data.
Yet even Horan concedes the execution stretch as SpaceX pushes simultaneously into launch, broadband, compute and AI.
The Bottomline
Overall, the Street’s average price target sits at $178.33, skewed positive but with dispersion widening fast. Everyone agrees SpaceX owns unique assets; the only real question is how much of that future investors have already paid for.
SPCX Stock Price Activity: SpaceX shares were down 1.86% at $153.19 during premarket trading on Wednesday, according to Benzinga Pro data.
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