Deutsche Bank Initiates SpaceX at Buy, $255 PT

Deutsche Bank analyst Edison Yu initiates coverage on SpaceX (NASDAQ: SPCX) with a Buy rating and a price target of $255.

“SpaceX represents in our view the apex of civilizational ambition, oftentimes expressed in steel and fire, bending the arc of history to make humans multiplanetary by building foundational infrastructure across transportation, connectivity, and AI.

In transportation, SpaceX has accomplished what governments have struggled to do for decades: make large rockets reliable, reusable, and increasingly affordable, culminating in Starship.

Similarly in satellites, through extreme first principles engineering and vertical integration, Starlink has become an agile+resilient connectivity network for consumers, enterprises, and governments across the globe.

And lastly in AI, while competition will be fierce on frontier models, we believe SpaceX has a clear advantage in deploying AI infrastructure on the ground and eventually in orbit, positioning it as the leading “haloscaler,” ultimately able to deliver compute at the lowest cost.

In short, across nearly every category, we struggle to find competitors that can challenge SpaceX’s moat and therefore initiate coverage with a Buy rating and $255 price target.”

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