SpaceX Shares Jump on Robust Q3 Results as Analysts Raise Targets

Space Exploration Technologies shares climbed after the company reported stronger-than-expected third-quarter results. Analysts believe the stock could continue advancing as its artificial intelligence and connectivity businesses expand.

The Elon Musk-led company generated $14.6 billion in quarterly revenue, comfortably exceeding the LSEG consensus estimate of $12.7 billion. Revenue rose 161% from a year earlier. Adjusted earnings reached 45 cents per share, well above the forecast of 13 cents. Shares surged 8% following the release.

Starlink’s continued growth was a key focus for analysts. The company added 1.6 million consumer subscribers during the three-month period ended Sept. 30, bringing its total to 13.6 million.

SpaceX’s artificial intelligence initiatives have also strengthened investor confidence. Executives said the company aims to begin volume production of AI-linked chips within two years through its Terafab collaboration with Tesla and Intel. They also cited increased adoption of the company’s generative AI chatbot, Grok, and the activation of several profitable cloud-service agreements tied to its broader AI strategy.

“SPCX is proving the durability of its AI revenue growth and its ability to meet ambitious deployment timelines, moving investor forecasts higher as doubts begin to dissipate,” Barclays analyst Anthony Valentini said Wednesday. Valentini maintains an overweight rating on the stock and raised his price target to $300 from $254, implying 103% upside from Tuesday’s close.

JPMorgan: Overweight

JPMorgan analyst Doug Anmuth also raised his price target to $500 from $240, representing 238% potential upside. “SpaceX’s ambitions are bigger than any company’s we’ve seen—to make life multi-planetary, leverage the Sun to build out AI in space, and build bases on the Moon and cities on other planets,” Anmuth said. “In our view, no other company is as well positioned to go after the combined anticipated total addressable market of more than $28 trillion.”

Wells Fargo: Overweight

Wells Fargo raised its price target to $274 from $214, implying 85% upside. The bank said industry-leading launch capabilities provide a significant competitive advantage by enabling higher launch cadence and lower costs across the company’s business segments. It also identified early monetization opportunities through Starlink and terrestrial computing, with Starship potentially unlocking longer-term opportunities in orbital computing, broadband connectivity and direct-to-consumer mobile services.

UBS: Buy

UBS increased its price target to $230 from $210, implying 55% upside. The firm said SpaceX continues to exceed high expectations and expects that momentum to persist as new computing agreements come online in the fourth quarter, Starship progresses toward a ship-and-booster catch, and Grok receives performance upgrades and new product features. UBS believes the company’s collection of assets is unique and is positioned to create value over time as management executes on its objectives.

Citi: Buy

Citi raised its price target to $240 from $200, indicating 62% potential appreciation. The bank described SpaceX as a highly vertically integrated disruptor with the launch capabilities to establish dominant positions in global connectivity and super intelligence. It said the company’s ability to deliver mass to orbit at greater scale and lower unit cost could support more than $1 trillion in revenue if SpaceX successfully reaches key technological and operational milestones over the next two to three years.

Morgan Stanley: Overweight

Morgan Stanley maintained its $300 price target, which implies more than 100% upside. The bank said SpaceX’s 2028 earnings-per-share estimate of $9.45 would put the stock at 15.7 times earnings at the post-market price of $160. That valuation is below major AI peers Microsoft, Google and Amazon, which are forecast to post a median year-over-year revenue growth rate of 3.2 times in fiscal 2028.

Bank of America: Buy

Bank of America reiterated its $235 price target. The bank said SpaceX has evolved from a launch company into a foundational enabler of the space economy and a leading provider of space-based applications. Its reusable-launch capabilities and expanding portfolio of space applications are viewed as competitive advantages that could support the development of Starship and additional future services.

Bernstein: Outperform

Bernstein’s $248 price target implies 68% upside from Tuesday’s close. The firm said the third-quarter results were positive but emphasized that the company’s outlook is more important. It expects SpaceX to reach an annual revenue run rate of at least $100 billion by year-end and projects an annual run rate of $500 billion to $1 trillion by the end of 2027, primarily driven by terrestrial computing. Capacity is expected to reach 2.5 to 3 gigawatts by the end of 2026 and at least 13 gigawatts by the end of 2027, with a possible total of 23 gigawatts. Bernstein also said pricing is now tracking above the $30-to-$50-per-watt range previously cited by Musk, while short-term computing contracts remain a focus as demand rises.

Goldman Sachs: Buy

Goldman Sachs maintained its $245 price target, implying more than 65% upside. The bank said demand for computing capacity appears substantially ahead of supply, creating tailwinds for both utilization levels and pricing.

HSBC: Hold

HSBC maintained a $150 price target, signaling limited upside potential. The bank noted the lack of historical data and company guidance, while highlighting that revenue reached $14.6 billion, up 161% year over year and 14% above consensus estimates. Growth came from all three divisions, led primarily by Super Intelligence.

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