SpaceX stock (SPCX) experienced a 2.2% decline in premarket trading Monday, settling at $147.90, despite financial analysts significantly increasing their valuation targets for the aerospace company.
Space Exploration Technologies Corp., SPCX
Financial analysts on Wall Street have increased their 2027 revenue projections for SpaceX to $100 billion, representing a substantial jump from the $70 billion forecast issued just several months earlier. Simultaneously, anticipated 2027 core earnings have been revised upward from $28 billion to $59 billion during this period.
The catalyst behind these upgraded forecasts is the company’s artificial intelligence segment. SpaceX’s AI operations are now anticipated to generate $60 billion in 2027 revenues, a marked increase from the July projection of $38 billion.
This rapid growth trajectory has fundamentally altered the company’s long-term financial outlook. Earlier in the year, analysts predicted SpaceX would experience cash depletion of $24 billion through 2030. Current models now indicate the company will achieve positive free cash flow instead.
Extending the timeline further, analysts are forecasting $530 billion in AI-derived revenues by 2031. Initial projections for that same timeframe hovered around $150 billion.
Aswath Damodaran, a finance professor at NYU, had previously assessed SpaceX at approximately $100 per share back in June, incorporating 2036 AI revenue expectations of $160 billion into his analysis. That projection now appears understated.
Applying revised AI revenue projections of $500 billion by 2036, the equity value could approach $140. Should 2036 AI revenues hit the $1 trillion mark, valuation estimates climb toward $200.
These calculations suggest that each additional $100 billion in annual AI revenue achieved by 2036 translates to approximately $10 in current share value.
At present trading levels, SPCX is valued at roughly 34 times projected 2027 Ebitda. This compares with GE Aerospace and GE Vernova, which command multiples closer to 25 times.
According to TipRanks, SPCX holds a Moderate Buy consensus recommendation, reflecting 26 Buy ratings, six Hold ratings, and two Sell ratings. The consensus price target stands at $231.68, suggesting potential upside exceeding 53% from present levels.
Notwithstanding the enhanced financial projections, Damodaran remains hesitant to update his valuation framework immediately. His primary concern centers on the revenue composition within the AI segment.
A significant portion of SpaceX’s existing AI revenue stream derives from leasing computational resources to external customers, including Google and Anthropic. Damodaran suggests this business model presents inherent limitations.
“That actually takes away from their AI story, since to win in that story, you have to be generating revenues from creating AI agents and collecting subscription or usage revenues,” he explained to Barron’s.
He drew a parallel to a manufacturing company constructing a massive production facility for a high-demand product, only to rent the majority of capacity to rival firms.
Starlink’s customer base has experienced a doubling from fewer than 6 million subscribers in June 2025 to surpassing 12 million by June 2026. Falcon rocket family launches expanded from under 50 missions in 2021 to exceeding 150 in 2025.
SpaceX now commands 80% of worldwide orbital mass deployment, up substantially from 45% in January 2021.
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