JPMorgan, which raised its price target to $240 from $225, said it now expects the space company’s capital expenditures to reach nearly $200 billion in both 2027 and 2028, adding more pressure on free cash flow. “We now project capex of nearly $200 billion in both 2027 & 2028, which further pressures free cash flow in 2027, a trend we see across the hyperscalers,” the analysts wrote.
The bank also pointed to Thursday’s lock-up expiration, when 911.5 million shares could become eligible for sale, potentially increasing the public float by 143%, though it said much of the event may already be priced in because investors have had months to prepare.
Raymond James reiterated its Street-high $800 price target, arguing the company’s operating performance remains strong.
Shares are currently changing hands at $111.80.
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