SpaceX shares closed Friday at $158.96, about 1% below their June IPO closing price, as the stock recovers after months of post-debut declines. The stock trades at 133 times forward earnings, but analysts see value relative to growth potential.
Adam Jonas of Morgan Stanley called SpaceX one of the cheaper ways to play the Space and Intelligence Economy and said investors still have time to position themselves before Flight 15, the next Starship test flight expected later this month or in early November. Starship is a reusable rocket with a payload capacity exceeding 100 metric tons and is viewed as a major driver of future profitability.
Morgan Stanley rates SpaceX overweight with a $300 price target, implying roughly 88% upside, and said it is awaiting confirmation on whether a ship catch will be attempted during Flight 15—a potential catalyst since the IPO. Wells Fargo expects two to three more SpaceX launches this year, with booster recovery as a reasonable near-term target and ship catch more likely in late 2027 or early 2028.
Wells Fargo noted that SpaceX is redeploying engineers from launch and connectivity divisions to orbital data center work, with the engineering team prioritizing AI satellites ahead of an orbital demonstration launch targeted for the second quarter of 2027. Ken Gawrelski rates SpaceX overweight with a $212 price target, implying about 33% upside.
Deutsche Bank analysts said the space sector may be poised for medium-term gains after a third-quarter correction drove SpaceX down 12%. The top 50 global space stocks excluding SpaceX reached a combined market capitalization of $270 billion, up from $212 billion in Q3 2025, before declining in subsequent quarters. Edison Yu noted a peak-to-trough drawdown exceeding 60%, suggesting a trough may be in.