Adam Jonas from Morgan Stanley has reiterated an overweight rating on SpaceX, setting a price target of $300, which suggests over 70% upside from the stock's recent close. He highlights the construction of a new Starbase launch facility in Vermilion Parish, Louisiana, which is expected to support thousands of launches annually.
SpaceX plans to build a total of 15 launch pads, significantly more than the three currently operational and the additional three expected by the end of 2027.
Jonas notes that even with a conservative estimate of two launches per pad per day, SpaceX would only need eight pads to meet his 2040 forecast of approximately 5,800 Starship launches per year, potentially generating $3.5 trillion in revenue.
Despite recent pressure on the stock, which was trading around $136 after peaking at $225 post-IPO, Jonas argues that SpaceX is attractively valued at 10 times sales and 25 times EBIT based on fiscal year 2028 forecasts. He emphasizes that the scale of SpaceX's plans with Starship may not be fully appreciated by investors, suggesting a strong growth outlook for the company