SpaceX (SPCX) Stock: Why Goldman’s New Target Has Cramer Convinced

TLDR

• Goldman Sachs raised its SpaceX price target to $230 from $220, keeping its buy rating.
• The new target implies roughly 37% upside and sits above the stock’s all-time high of $225.64.
• SpaceX is reportedly seeking to raise $40 billion to buy more Nvidia chips for its compute business.
• Morgan Stanley’s Adam Jonas is even more bullish, setting a $300 price target and an overweight rating.
• Jim Cramer says SpaceX could reach its full potential faster than Tesla did.

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SpaceX stock fell about 2% on Wednesday to $167.60, pulling back after a recent run higher. The drop came even as Wall Street grew more confident in the company’s long term story.

Space Exploration Technologies Corp., SPCX

Goldman Sachs raised its price target on the stock to $230 from $220 this week. The firm kept its buy rating in place.

That new target sits above SpaceX’s all time high of $225.64, set on June 16 just days after its record breaking IPO. It implies about 37% upside from Wednesday’s close.

CNBC’s Jim Cramer pointed out that the stock traded as low as $104.83 in early August. Back then, Goldman’s original $220 target looked more like a hope than a forecast.

Cramer said the fact that Goldman raised its target while the stock still trades well below it tells a different story now. He called it a sign the original number is becoming more credible.

Compute Business Fuels Bull Case

SpaceX trades at about 137 times next 12 months earnings estimates, according to FactSet. Cramer has defended that valuation, pointing to multiple businesses under one roof.

Those include Starlink, the reusable rocket program, and a growing data center ambition. The company also rents out spare computing power to Anthropic and Alphabet’s Google.

That compute business may be about to get bigger. The Financial Times reported SpaceX is looking to raise $40 billion to buy more Nvidia chips, split between $10 billion in bank loans and $30 billion in investment grade debt.

Cramer said Elon Musk can put those chips to work right away. He added that SpaceX could end up becoming Nvidia’s largest customer at this pace.

Morgan Stanley Even More Bullish

Morgan Stanley analyst Adam Jonas is even more optimistic than Goldman. He set a price target of $300 on the stock, with an overweight rating attached.

Jonas called SpaceX a unique opportunity given its mix of interlinked businesses. He described the stock as unusually cheap once chipmaking and power opportunities are factored in.

Cramer still won’t add SpaceX to his Charitable Trust portfolio, saying it remains too speculative for that use. But he said the company’s progress is making its potential feel more real by the week.

He compared the setup to Tesla, saying SpaceX could get there even faster. Nvidia, a longtime holding in Cramer’s Investing Club, would also benefit from a bigger compute deal.

The daily chart shows SPCX in an ascending triangle pattern since its August low near $105. The stock has posted a string of higher lows while running into resistance around the $170 area, the same zone where Wednesday’s pullback stopped.

The Relative Strength Index sits near 64, pointing to steady buying interest without flashing overbought warnings yet. The MACD line remains above its signal line, keeping the short term trend tilted higher, though a clean break above $170 is needed before the stock can take another run at its $225.64 record.

SPCX stock was last seen up 0.27% to $168.05 in overnight trading following Wednesday’s session, according to the most recent data available.