SpaceX (SPCX) shares are currently hovering around $171, reflecting a decline of approximately 27% from the post-IPO peak of $225.64 reached on June 16, mere days following the company’s June 12 public debut.
Space Exploration Technologies Corp., SPCX
Despite this significant retracement, Wall Street analyst coverage continues to expand rapidly. Approximately 12 analysts are currently tracking SPCX, with that figure anticipated to surge to nearly 50 in the coming weeks.
The most recent initiation arrived Tuesday evening from Wedbush analyst Dan Ives, who started coverage with a Buy recommendation and set a $190 price objective.
Ives arrives at a total enterprise valuation of $2.5 trillion for SpaceX, employing a sum-of-the-parts methodology that separately assesses the launch operations, Starlink satellite internet division, and artificial intelligence ventures.
His analysis assigns approximately $66 billion to the launch business. The Starlink division, which has surpassed 10 million subscribers and achieved profitability, carries an estimated value of around $600 billion.
The AI segment commands the lion’s share of Ives’ valuation at $1.8 trillion. He forecasts this division will deliver over $80 billion in annual revenue by 2028, even before orbital data centers become operational.
Ives doesn’t mince words regarding the company’s primary risk factor. Starship, the company’s next-generation heavy-lift rocket, promises to slash orbital launch costs by 90% compared to the Falcon 9 system.
This dramatic cost reduction forms the foundation for virtually every bullish thesis on SpaceX—powering next-generation Starlink satellites, enabling orbital AI computing infrastructure, and serving as NASA’s Artemis lunar lander. However, the vehicle has only successfully completed 12 test missions, with the 13th anticipated shortly.
“The vehicle is the single largest source of value in the franchise as much as its largest risk,” Ives wrote.
Among the 12 analysts currently providing research on SPCX, seven maintain Buy-equivalent ratings. The consensus price target across all analysts stands at approximately $240—substantially above current trading levels.
Even following the recent pullback, SpaceX commands a market capitalization in the $2.16–$2.3 trillion range. That translates to roughly 115 times its 2025 revenue of $18.7 billion.
Top-line growth reached 33% last year, with acceleration possible in 2026 as new AI partnerships materialize, Starlink subscriber growth continues, and launch service demand increases.
However, the enterprise recorded a net loss of approximately $4.9 billion in 2025, predominantly attributable to the AI division. Given ongoing substantial infrastructure investments, analysts anticipate losses will widen in 2026.
Ives has established a reputation for bold predictions. He also maintains coverage of Tesla (TSLA) with a Buy rating and a Street-leading $600 price target.
SPCX shares advanced 1.8% in Wednesday’s premarket session to $173.95, while S&P 500 and Dow futures indicated lower opens.
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