XSPC
A rocket company? Cute. Try a compute utility.
Macquarie’s latest call on SpaceX is the kind of Wall Street note that makes you wonder if the analysts are secretly building a moon base in their spare time. The firm reiterated an Outperform rating and pinned a $250 price target on the stock, which implies roughly 100% upside from the current level near $127.
The message is simple: if you’ve been waiting for a pullback, Macquarie says don’t overthink it.
The real bull case: AI, not just launches
The bank’s valuation work leans on a mix of sum-of-the-parts and DCF math, but the emotional center of the thesis is the AI angle. SpaceX, in Macquarie’s telling, isn’t just selling launch services or satellite internet. It’s building a vertically integrated platform with:
- global Starlink coverage
- reusable launch capacity
- internal chip and data-center build-out
- orbital infrastructure aimed at frontier AI workloads
That’s a fancy way of saying: if ground-based data centers are running into power, cooling, and land limits, SpaceX wants to swoop in with a space-based workaround.
Proof that this isn’t just sci-fi fan fiction
Macquarie says the idea is already getting real-world validation. Anthropic has reportedly committed to use all of the compute capacity at SpaceX’s Colossus 1 data center, including about 300 megawatts of power and more than 220,000 Nvidia GPUs. The firm also points to multi-billion-dollar AI compute deals with Alphabet as evidence that SpaceX’s “rent out unused capacity” strategy could scale.
So yes, this is still a risky, moonshot-ish story. But that’s also why the upside math gets so spicy.
Big picture
SpaceX is being priced less like a launch vendor and more like a future AI infrastructure utility with orbital ambition. If the company can turn even part of that vision into recurring revenue, Macquarie thinks the stock has plenty of room to run — and that dips are basically on sale.