Mizuho Initiates SpaceX at Outperform, $200 PT

Mizuho analyst Brett Linzey initiates coverage on SpaceX (NASDAQ: SPCX) with a Outperform rating and a price target of $200.

“We are initiating coverage of Space Exploration Technologies (SPCX) with an Outperform rating and $200 price target.

SpaceX is the dominant force in global launch, and operates an unmatched, vertically integrated platform across three interconnected segments: Space, Connectivity, and AI.

The company’s core edge is reusability, which has driven launch costs ~85-90%+ below the historical average and created a self-reinforcing costand-cadence advantage competitors have been unable to replicate.

This advantage makes the launch platform the enabling layer for the entire enterprise and underpins an unprecedented TAM.

Outperform rating predicated on: (i) launch dominance and a path to full reusability, with Starship driving the next step-change in cost and capacity; (ii) Starlink as the financial engine, where the V3 capacity unlock opens denser, higher-value urban markets; and (iii) AI as the highest-optionality segment, anchored by Colossus compute, full-stack vertical integration, and longer-dated orbital optionality.

Bull Case: $255 / Bear: $122.”

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