SpaceX Stock: Analyst Predicts Massive $10T Valuation

SpaceX shares have experienced a significant downturn, trading 50% below their all-time highs achieved shortly after a record-breaking IPO. However, Raymond James remains highly optimistic, reiterating a "strong buy" rating and setting an $800 price target, a valuation that would position SpaceX among history's most valuable public companies.

This bullish stance is largely attributed to recent progress with Starship's development. The 13th test flight, completed recently, was viewed as an incremental step reducing engineering risk. Key successes included a functional heatshield test and the deployment of Starlink V3 satellites. The Starship vessel also survived splashdown while transmitting data, though the booster's landing burn was unsuccessful.

SpaceX's financial leadership emphasizes rocket reuse as a core driver of their business model, significantly lowering launch costs and increasing launch frequency. The company envisions Starship further reducing expenses, aiming for a tenfold improvement over existing Falcon capabilities. Analysts are closely watching for the next milestone: catching Starship with the launch tower, a crucial step toward full reusability.

The ambitious $800 price target implies a market capitalization exceeding $10 trillion, more than double that of current tech giants like Apple and Nvidia. Analyst projections indicate a substantial revenue increase from $38.5 billion in 2026 to $837 billion by 2031, with EBITDA expected to rise from $17.7 billion to $696 billion over the same period.