Oppenheimer has raised its price target on SpaceX to $280 from $250, citing the company’s expanding AI capabilities and partnerships as catalysts for long-term growth. The firm maintained its Outperform rating on the aerospace and satellite company, which currently trades at $142.23 with a market capitalization of $1.93 trillion.
The upgrade reflects expectations that SpaceX’s vertically integrated AI platform will drive revenue growth, supported by its collaboration with Nvidia on next-generation Rubin chips. Oppenheimer estimates a one-year return on investment for the Rubin chips, with SpaceX positioned to capture 100% of AI revenue through platforms like Cursor and Grok, or 50% as a wholesale infrastructure provider. The firm also highlighted SpaceX’s recent acquisition of Cursor, which enhanced its data and agentic coding logic, benefiting products such as Grok Bot and Grok 4.6, with further improvements expected in Grok 5.0.
Analysts noted that productivity and AI usage at SpaceX are exceeding expectations, though infrastructure remains a bottleneck. Oppenheimer raised its long-term revenue estimates by approximately 10%, compounding to around 20% over time, driven by stronger AI compute pricing and higher capital expenditures. The firm’s price target remains below the highest market projection of $450.
Other firms maintained their ratings on SpaceX, with Bernstein SocGen Group at $248, Wolfe Research at $175, and JPMorgan at $240, all retaining Outperform ratings. Oppenheimer’s upgrade follows broader industry optimism around AI infrastructure, including SpaceX’s Starshield AI and its integration with the Department of War’s GenAI.mil platform, which provides advanced AI tools to military personnel under Impact Level 5 accreditation.
