SpaceX (SPCX) Stock: Could It Really Hit $900? Wall Street Makes the Case

TLDR

• Raymond James initiated coverage with a Buy rating and a $800 price target, implying a ~440% upside from SPCX’s recent close of $148.26
• Citi’s bull-case target is $900 per share, valuing SpaceX at roughly $12 trillion
• The average analyst price target sits at ~$240, a 65% upside from current levels; the stock has 22 Buy ratings, 4 Holds, and 1 Sell
• SpaceX is not expected to be profitable until 2027, and capital spending will keep it cash flow negative for years beyond that
• SPCX hit an all-time high of $225.64 shortly after its IPO but has pulled back, currently trading around $150, about 9.82% above its IPO price of $135

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SpaceX (SPCX) stock was trading at $150.20 in premarket on Thursday, up about 1.3%, following a wave of analyst coverage that flooded in after the stock was added to the Nasdaq-100 on July 7.

Space Exploration Technologies Corp., SPCX

Raymond James analyst Brian Gesuale kicked things off Tuesday with a Buy rating and a 12-month price target of $800. That implies a gain of roughly 440% from SPCX’s recent close of $148.26. Gesuale’s thesis centers on SpaceX’s potential as an infrastructure giant, with Starship and Starlink as the key drivers.

He wasn’t alone. The flurry of new ratings pushed the overall analyst consensus to Strong Buy — 22 Buy ratings, 4 Holds, and just 1 Sell. The average price target now stands at $245.96, per TipRanks data from July 9.

But the more eye-catching numbers come from the bull cases.

Citi analyst John Godyn has an official price target of $200 but a bull case of $900 per share — that values SpaceX at around $12 trillion, more than Microsoft, Amazon, or Tesla. Godyn says the $200 target is “a milestone along the path to $900-plus,” contingent on key engineering milestones being demonstrated at scale.

Morgan Stanley’s Adam Jonas sits at $300 officially, with a bull case of $600. His upside scenario assumes Starship becomes operational this year, the Terafab semiconductor facility gets going, and orbital AI satellites launch without a hitch. His bear case, by contrast, is $75 — which assumes Starship isn’t fully operational until 2029.

Cantor Fitzgerald’s Colin Canfield takes a more traditional approach. His bull case uses 2030 EPS of ~$11 at a 100x multiple, discounted back to roughly $740 per share. His bear case uses $8 EPS at a 20x multiple, yielding around $100.

Starship Is the Common Thread

Across virtually every analyst note, one theme is constant: Starship. The large, fully reusable rocket is still in testing but could dramatically cut the cost of reaching orbit — from thousands of dollars per kilogram to tens or hundreds. Lower launch costs would unlock scale for Starlink, which already has over 10 million subscribers and profit margins above 60%.

The spread between bull and bear cases is unusually wide, even by growth stock standards. That alone tells you something about how much uncertainty is still baked into SPCX.

Fundamentals Still a Work in Progress

SpaceX is not expected to turn a profit until 2027, according to FactSet. Even after that, heavy capital spending means the company will likely remain cash flow negative for several more years — relying on debt and equity markets to fund its ambitions.

SPCX peaked at an all-time high of $225.64 just four days after its IPO, then pulled back sharply. The stock has been trading near $150 for much of the past week, roughly in line with its June 12 opening price, though it remains about 9.82% above its IPO price of $135.