SpaceX receives an Outperform rating with a $190 price target, valuing the firm at $2.5 trillion before its Nasdaq listing.
Oppenheimer initiated coverage on SpaceX with an Outperform rating and a $190 price target, representing 40% upside from its $135 IPO price. The valuation implies a $2.5 trillion market cap for the company, which begins trading on Nasdaq under the ticker SPCX on Thursday.
Analysts project a $10 trillion total addressable market by 2035, driven by space-based data centers and satellite infrastructure. SpaceX aims for 10,000 Starship launches annually to deploy one million orbital data centers and 100,000 communications satellites. Growth is expected to accelerate in 2027, contingent on Starship entering commercial service by year-end.
Recent deals include $26 billion in annualized data center capacity agreements, with monthly contracts worth $1.25 billion from Anthropic and $920 million from Google, though both include 90-day termination clauses.