SpaceX (SPCX) Stock Soars on Wall Street Optimism: Can It Reach $900?

TLDR

Table of Contents

Raymond James launched coverage with a Buy recommendation and $800 price objective, suggesting potential upside of approximately 440% from SPCX’s latest closing price of $148.26
Citi’s optimistic scenario projects $900 per share, which would place SpaceX’s valuation near $12 trillion
Analyst consensus price target stands at approximately $240, representing 65% potential upside; the stock currently holds 22 Buy recommendations, 4 Hold ratings, and 1 Sell rating
The company isn’t projected to achieve profitability until 2027, with capital expenditures expected to maintain negative cash flow for additional years
SPCX reached a record high of $225.64 days after going public but has since retreated, currently hovering around $150, approximately 9.82% above its initial offering price of $135

SpaceX (SPCX) stock was changing hands at $150.20 during Thursday’s premarket session, climbing roughly 1.3%, amid a surge of analyst commentary that emerged following the stock’s inclusion in the Nasdaq-100 index on July 7.

Space Exploration Technologies Corp., SPCX

Raymond James analyst Brian Gesuale launched coverage on Tuesday with a Buy recommendation and a 12-month price objective of $800. This target suggests potential appreciation of approximately 440% from SPCX’s most recent closing price of $148.26. Gesuale’s investment thesis revolves around SpaceX’s positioning as an infrastructure powerhouse, with Starship and Starlink serving as primary growth catalysts.

Gesuale’s initiation wasn’t isolated. The cascade of fresh analyst ratings elevated the overall consensus to Strong Buy — comprising 22 Buy recommendations, 4 Hold positions, and a single Sell rating. The consensus price objective now registers at $245.96, according to TipRanks data compiled as of July 9.

However, the most striking projections emerge from bullish scenario analyses.

Citi analyst John Godyn maintains a base price target of $200 but envisions a bull-case scenario of $900 per share — a valuation that would position SpaceX around $12 trillion, surpassing Microsoft, Amazon, and Tesla. Godyn characterizes the $200 target as “a milestone along the path to $900-plus,” dependent on demonstrating critical engineering achievements at commercial scale.

Morgan Stanley’s Adam Jonas establishes a base target of $300, with a bullish scenario reaching $600. His optimistic projection assumes Starship achieves operational status this year, the Terafab semiconductor manufacturing facility commences production, and orbital AI satellites launch successfully. Conversely, his pessimistic scenario lands at $75 — predicated on Starship not reaching full operational capability until 2029.

Cantor Fitzgerald’s Colin Canfield employs a more conventional valuation methodology. His bull-case analysis applies 2030 earnings per share of approximately $11 with a 100x earnings multiple, discounted to present value yielding roughly $740 per share. His bear-case scenario utilizes $8 EPS with a 20x multiple, producing approximately $100.

Starship Is the Common Thread

Across nearly every analyst report, one element remains consistent: Starship. The massive, fully reusable launch vehicle remains in development phases but could revolutionize orbital access costs — reducing expenses from thousands of dollars per kilogram to mere tens or hundreds. Reduced launch economics would enable dramatic expansion for Starlink, which already serves over 10 million subscribers while maintaining profit margins exceeding 60%.

The divergence between bullish and bearish scenarios is remarkably wide, even by growth equity standards. This discrepancy underscores the substantial uncertainty still embedded in SPCX’s valuation.

Fundamentals Still a Work in Progress

SpaceX isn’t anticipated to achieve profitability until 2027, per FactSet estimates. Beyond that milestone, substantial capital investments indicate the company will probably maintain negative cash flow for multiple additional years — necessitating continued reliance on debt and equity financing to support its expansion plans.

SPCX touched an all-time peak of $225.64 merely four days following its initial public offering, before experiencing a significant pullback. The equity has traded near $150 throughout much of the recent week, roughly consistent with its June 12 debut price, though it remains approximately 9.82% above its IPO price of $135.

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