KeyBanc Initiates SpaceX at Sector Weight

KeyBanc analyst Michael Leshock initiates coverage on SpaceX (NASDAQ: SPCX) with a Sector Weight rating.

“We initiate coverage of Space Exploration Technologies Corp.

(SpaceX; NYSE: SPCX) with a Sector Weight rating.

We believe SPCX is positioned to remain the dominant leader in space launch and space-adjacent verticals for the foreseeable future, capitalizing on its head start vs. the competition.

The vertically integrated nature of the business and owning launch vehicles allow SPCX to control its destiny with the myriad longer-term growth aspirations across unprecedented TAMs.

Starlink is driving profitable growth, with improved capabilities (direct-to-cell) and faster speeds to be enabled by Starship and Starlink V3 satellites in 2H26.

AI remains the long-term driver of significant upside, with optimism around recent contracts (Anthropic, Google) driving revenue, while longer-term aspirations include orbital data centers (ODCs).

SPCX possesses significant disruptive growth avenues, though we believe this is reflected in current valuation and risk/reward appears balanced, in our view.”