Wolfe Research maintained its Outperform rating on SpaceX, raising the price target to $175 from a prior valuation, as the company accelerates plans to expand launch capacity across multiple facilities.
The firm highlighted SpaceX’s progress toward meeting White House and Federal Aviation Administration targets, including a goal of more than 1,000 launches per year by 2030. Current U.S. launch infrastructure supports roughly 25 annual launches, with licensing limits capping operations at 145 per year. Wolfe noted that Florida facilities are being expanded to support higher throughput, while development at Starbase in Louisiana remains on track for phased construction starting in 2027.
Starbase Louisiana is designed to cover 50,585 hectares and include more than a dozen launch towers, alongside spacecraft processing facilities, a deep-water port, and an airport. Elon Musk has suggested the site could eventually support up to 30 launches per day at full capacity. Construction is slated to begin next year, with first launches expected in 2029.
SpaceX’s shares were trading at $137.95 on Wednesday, giving the company a market capitalization of approximately $1.87 trillion. Wolfe’s $175 target implies a 27% upside from current levels. The firm also cited SpaceX’s strong financial position, noting the company holds more cash than debt on its balance sheet.
The expansion aligns with broader U.S. space policy goals outlined in the 2013 National Space Transportation Policy, which has been updated in recent years to accommodate growing commercial launch ambitions. Regulatory and infrastructure constraints remain key challenges, though Wolfe emphasized the potential for significant long-term growth as SpaceX scales operations.
