SPCX
Rockets are just the opening act
JPMorgan’s new initiation report on SpaceX says the market may still be thinking too small. Sure, rockets and Starlink are the obvious parts of the story, but analyst Doug Anmuth argues those are basically the on-ramp to something much bigger: an AI infrastructure business.
The bank’s headline number is eye-popping — it sees revenue growing at a 91% annual clip through 2030, with sales rising from about $19 billion in 2025 to $470 billion by 2030. That’s not “nice quarter” territory. That’s “are we sure we’re talking about the same company?” territory.
The AI glow-up
According to JPMorgan, SpaceX’s launch business is the key advantage because it unlocks the rest of the machine. The report sketches a future where Starship reusability helps SpaceX ramp from a handful of launches this year to roughly 5,000 annually by 2031, eventually supporting orbital compute and even data centers.
In other words, the bank isn’t valuing SpaceX like a sleepy aerospace name. It’s trying to price it more like a next-gen AI infrastructure platform — with a business mix shifting from connectivity to AI, first on Earth and then, apparently, in space.
Why investors should care
This is still a launch company at its core, and that matters. SpaceX has completed roughly 670 orbital launches with a 99%+ mission success rate, and JPMorgan says it has launched more than 80% of all mass sent to orbit since 2023. That kind of dominance is what gives the company optionality.
Big picture: the bold call here isn’t just the price target. It’s the idea that SpaceX’s biggest money-making engine might not be rockets themselves, but the entire universe of businesses those rockets can make possible.