KeyBanc Reiterates Sector Weight on SpaceX

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

“We continue to view Starship as the key variable to drive SPCX’s LT growth initiatives.

Starship Flight 13 was near perfection, in our view (note here), and continued progress on Starship’s milestones in subsequent flight tests is critical to achieving full reusability and a rapid launch cadence.

We look for more color on the decision to no longer accept bookings for Falcon 9 launches after 2028, particularly given that Starship has yet to reach a rapid launch cadence.

Starship is the enabling platform behind SPCX’s largest future growth vectors, including the next-gen Starlink constellation upgrade/expansion; orbital data centers; and deep-space missions to the Moon, Mars, and beyond.

While SPCX continues to make advancements across Starship, direct-to-device connectivity, and emerging space-based compute opportunities, investor attention is increasingly shifting toward the pace and monetization of these initiatives.

Recent industry developments, including Amazon’s FCC filing for a dedicated 5,105-satellite D2D constellation and growing hyperscaler interest in distributed AI infrastructure, reinforce the magnitude of the opportunity, though valuation increasingly appears contingent on the timing of future milestone achievements and commercialization progress.”

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