XSPC
The Street still wants in
SpaceX just took a post-IPO haircut, but JPMorgan apparently looked at the dip and said, “Actually, we’d like more.” Analyst Doug Anmuth reiterated an Overweight rating and lifted the price target from $225 to $240, implying about 122% upside from Wednesday’s close of $108.27.
The plot twist: it’s not just rockets anymore
The big takeaway from the note is that SpaceX’s story is evolving fast. Anmuth said the company’s updated goals — including an annual recurring revenue run rate of $100 billion by December and a $1 trillion revenue target by 2030 — came in ahead of expectations.
He also highlighted a bigger-than-expected push into compute, with SpaceX now aiming for 5–10 GW in 2027, versus JPMorgan’s earlier estimate of 4.2 GW. In plain English: this is starting to sound less like a pure space company and more like a very expensive AI utility with rockets on the side.
Why you should care
The market already punished SpaceX for higher capital spending, but JPMorgan is basically arguing that the spending is the point: build more compute, sell more cloud services, and pull forward AI revenue sooner than expected. The analyst even pointed to existing deals with Anthropic, Google, and Reflection AI, plus a mysterious customer that could be worth $6.7 billion in cloud services revenue over six months.
Big picture: when a freshly public company is already getting a price-target boost because its AI ambitions look bigger than expected, that’s not a sleepy stock story — that’s a “strap in” moment.