Wedbush Starts SpaceX Coverage at Outperform, $190 Price Target
SPCX•Wedbush initiated coverage of SpaceX with an Outperform rating and $190 price target, citing the company's differentiated launch services, Starlink connectivity network and burgeoning AI infrastructure offerings. Analyst Dan Ives projects double-digit revenue growth from increased orbital launches and hyperscaler-style AI products driving valuation upside.
1. Wedbush Outperform Initiation
Wedbush Securities has initiated coverage on SpaceX with an Outperform rating and a $190 price target, reflecting confidence in the company’s diversified revenue streams. The rating marks the first formal analyst coverage from Wedbush, setting a benchmark valuation for SpaceX equity.
2. Valuation Framework
Analyst Dan Ives applied an enterprise value-to-revenue multiple that accounts for SpaceX’s unique combination of orbital launch services, a growing Starlink broadband network and emerging AI infrastructure products. The model treats the business segments akin to hyperscaler platforms, attributing premium multiples to higher-growth offerings.
3. Growth and Risks
Wedbush projects double-digit annual revenue growth driven by ramped launch cadence—targeting over 60 missions in 2026—and accelerated Starlink subscriber additions. Key risks include potential manufacturing bottlenecks, delays in regulatory approvals for spectrum and launch sites, and intensifying competition from other satellite and commercial space firms.
