Analyst initiates coverage with Outperform rating, citing Starlink growth and AI infrastructure as key drivers for SpaceX.
Wedbush initiated coverage of SpaceX with an Outperform rating and a $190 price target, positioning the company as a leading hyperscaler in satellite connectivity, space launches, and AI infrastructure. The brokerage highlighted SpaceX’s unique combination of launch capabilities and broadband services as a standout in the tech sector.
Starlink remains the primary earnings driver, with 12 million subscribers and an average revenue per user of $66. Wedbush noted SpaceX controls less than 1% of the global telecom market, leaving significant growth potential as it expands direct-to-device cellular services.
Starship’s reusable launch system was identified as a long-term competitive advantage, enabling lower costs and higher satellite deployment capacity. Each Starship mission is expected to carry 60 Starlink satellites, compared to 27 on current launches.