Analyst sees SpaceX evolving into a leading hyperscaler
Wedbush has launched coverage of Space Exploration Technologies Corp. (NASDAQ:SPCX) with an Outperform rating and a $190 price target, arguing that the company is uniquely positioned to become a major hyperscaler spanning satellite connectivity, space launches and artificial intelligence infrastructure.
Analyst Dan Ives described SpaceX as “one of the most differentiated assets within the tech market,” highlighting its combination of launch capabilities, broadband services and expanding AI ambitions.
Starlink remains the key earnings engine
According to Wedbush, Starlink continues to be the company’s primary profitability driver, with approximately 12 million subscribers as of 5 June 2026 and average revenue per user of roughly $66 across enterprise and consumer customers.
Ives said Starlink is “still in the early innings of penetrating the global telecom and broadband market,” noting that SpaceX currently controls less than 1% of the addressable market while continuing to expand its direct-to-device cellular services.
Starship expected to strengthen competitive advantage
The brokerage identified Starship’s reusable launch system as one of SpaceX’s biggest long-term advantages, allowing the company to lower launch costs while increasing flight frequency through continual operational improvements.
Each Starship is expected to deploy approximately 60 Starlink satellites per mission, compared with 27 satellites carried by the Falcon 9 rocket, making the platform “an incremental driver of its highly profitable broadband connectivity business.”
AI investment supports valuation
Wedbush also highlighted SpaceX’s financial flexibility, noting that the company raised approximately $86 billion through its IPO, with around 20% of those proceeds allocated to investments in AI infrastructure.
The brokerage added that SpaceX is pursuing additional funding to accelerate its artificial intelligence strategy.
Wedbush’s $190 price target is based on a sum-of-the-parts valuation using fiscal 2028 forecasts, implying an enterprise value of approximately $2.48 trillion.
Looking ahead, Ives said artificial intelligence and computing remain “still in early innings over the next decade,” suggesting considerable upside beyond the company’s already profitable Starlink business.