Linde's price target rose to $560 from $550 as Starship's 10x oxygen burn and rising cadence could lift space revenue from $4 million in 2025 to $6 million by 2028. Space sales are ~2% of revenue but could scale via liquid oxygen, nitrogen and cryogenic services as Starship launches rise.
Linde's 12-month price target was increased to $560 from $550 and its Buy recommendation was reaffirmed, reflecting expectations for stronger demand in industrial gases linked to rocket launches over the next year.
SpaceX's Starship is expected to consume roughly 10 times the liquid oxygen of a Falcon 9 launch, creating a significant new growth lever for Linde's oxygen, nitrogen, helium and rare gas supply.
Linde generated just under $4 million of revenue per space launch in 2025, with forecasts suggesting this could rise to $6 million by 2028 as launch cadence and propellant volumes increase.
Space-related revenue currently represents about 2% of group sales but could scale rapidly through expanded cryogenic services, capacity fees and long-term supply contracts as Starship test flights and operational launches ramp up.
