Macquarie Initiates SpaceX at Outperform, $250 Price Target

Macquarie analyst Paul Golding initiates coverage on SpaceX (NASDAQ: SPCX) with an Outperform rating and a price target of $250.

“SPCX has evolved into a vertically-integrated platform spanning three interdependent segments: space, satellite connectivity, and AI infrastructure and apps.

It designs, manufactures, and operates reusable rockets, spacecraft, and satellite systems enabling the transport of astronauts, payloads, compute, and comms for space exploration and terrestrial applications.

It has established leading positions in both launch and satellite broadband, and is leveraging compute, data, and distribution to develop and deploy advanced AI models across consumer and enterprise use cases.

Recent AI partnerships and customer wins reinforce the commercial viability of its AI business.

We also see SPCX well-positioned to pioneer an orbital data center market, given its proven ability to deploy and operate infrastructure in space at scale, providing a solution to current constraints facing terrestrial compute.

These segments are exposed to high-growth end markets, underpinned by favorable tailwinds. Space is experiencing a post-Cold War resurgence, driven by commercial and government appetite.

McKinsey estimates the space economy growing 9% annually to $1.8T in 2035.

Grand View Research expects the global broadband services market to generate a 10.4% topline CAGR through the early 2030s, while PwC estimates the global mobile telco market to generate a ~3% top-line CAGR (2025-29) to reach $869bn in 2029.

Lastly, Gartner forecasts global AI spend growing 26% annually from 2025 to hit $5.6T in 2030.

Valuation: Our 12-month target price of $250 is based on a DCF/SOTP framework, supported by expectations of segment-level scaling, new business wins, operating leverage, and the realization of returns on prior investments, including R&D.”

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