Wolfe Research initiated coverage of SpaceX with an outperform rating and a price target of $175, indicating nearly 30% upside from its IPO price of $135. The firm emphasized SpaceX's near-monopoly in the U.S. launch market, performing five out of every six launches, which provides a strong competitive advantage.
Analyst Myles Walton noted that the successful reusability of SpaceX's rockets, particularly the Starship, is crucial for unlocking value and maintaining cost efficiencies. Oppenheimer also initiated coverage with a buy rating and a price target of $190, suggesting a potential 40% increase, while New Street Research set a target of $165, predicting a 22% gain.
The analysts believe that while SpaceX may not out-innovate competitors like OpenAI and Anthropic in AI, it can leverage its cost advantages through vertical integration and access to space, which will be vital for its future growth