Bernstein’s U.S. Communications Infrastructure and Telecom teams reiterated an Outperform rating on SpaceX (NASDAQ: SPCX) with a $248 price target, citing optimism about the company’s launch services, orbital data centers and Starlink broadband operations.
The firm acknowledged challenges in SpaceX’s direct-to-device mobile business, noting the absence of a terrestrial partner as a key hurdle. Bernstein’s report, titled SpaceX: The Telecom Play - Can Direct-to-Device Work?, highlighted the segment as the most difficult for the company’s expansion efforts.
SpaceX’s shares, trading at $142, remain within an analyst target range of $117 to $450. The company’s valuation stands at $1.93 trillion, with revenue of $23 billion over the last twelve months and a gross profit margin of 52%. Analysts project the company will achieve profitability this year, with earnings estimated at $0.15 per share.
JPMorgan maintained an Overweight rating and a $240 target, pointing to SpaceX’s recent acquisition of Cursor, completed in August, and progress in artificial intelligence initiatives. Wolfe Research also reiterated an Outperform rating with a $175 target, citing regulatory and infrastructure developments, including goals set by the White House and Federal Aviation Administration to increase launch activity.
SpaceX plans to commence Starship launches for its Mobile V2 satellite constellation in mid-2027. The company and AST Spacemobile have expressed interest in acquiring $6 billion worth of spectrum licenses from Grain Management LLC to enable direct-to-device wireless services from space.
SpaceX’s stock declined following the release of additional shares due to the expiration of a lockup period, marking the second such release since its public debut.
