Stifel Reiterates Buy on SpaceX, $190 PT

Stifel analyst Jonathan Siegmann reiterated a Buy rating and $190 price target on SpaceX (NASDAQ: SPCX).

“SpaceX significantly exceeded estimates across the board in its inaugural quarterly report as a public company.

Revenue grew rapidly across all segments (+92% y/y) and beat Street estimates by ~15%, driven by new Cloud Service Agreements ($1.6B in 2Q). Adj.

EBITDA also beat expectations by a full 77%, as AI contributed a positive $1.15B in the quarter versus expectations for a loss.

Key highlights from the call include a payback period of <1 year driving accelerated compute capex, accelerating Starlink subscriber growth, and Starship Flight 14 tentatively scheduled for the end of the month.

Skeptics will push back that planned capex is higher (2H outlook ~2x prior estimates), but we believe this all reflects the red-hot AI data capacity demand signal — you’ve got to spend money to make money, and SpaceX is accelerating its capacity investments accordingly.

We reiterate our Buy rating and $190 target price.”

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