NEW YORK — BofA Securities reiterated its Buy rating on SpaceX ($SPCX) following stronger-than-expected second-quarter results, maintaining its $235 price target on the back of revenue and profitability figures that surpassed prior estimates.
SpaceX management reinforced its long-term growth outlook in the Q2 report, targeting a $100 billion revenue run rate by December 2026—a figure that underpins the company's $1 trillion revenue goal by 2030.
Ron Epstein, senior aerospace analyst at Bank of America Securities, set the $235 base-case price target using a discounted cash flow model extending through 2045.
Other analysts are equally bullish. RBC Capital analyst Kenneth Herbert set a 12-month price target of $225 on SPCX shares; MarketBeat puts the average analyst target at $230.50. When Herbert published his target, it implied roughly 90 percent upside from a then-current trading level of $118.51.
SpaceX shares debuted at $150 in mid-June. The stock has since pulled back, recently declining 4 percent to $139.69 and trading near its $135 IPO level.
BofA raised its forecasts for SpaceX, reflecting increased confidence in the company's ability to manage higher capital expenditure requirements and questions surrounding AI and Starlink monetization that have weighed on some investors.
Starlink remains the central growth driver. Analysts are watching how the satellite internet constellation scales revenue and how SpaceX integrates AI capabilities into its service offerings. Space transportation—anchored by the Starship and Falcon rocket families—forms the other critical pillar of the long-term thesis, with execution on launch cadence and interplanetary transport plans key to whether the $1 trillion target holds up.
