Argus Upgrades SpaceX to Buy, $160 PT

Argus analyst Steve Silver upgraded SpaceX (SPCX) from Hold to Buy with a $160 price target on August 7, 2026.

“• In its first quarter as a public company following its historic initial public offering (IPO), SPCX reported revenues of $7.8 billion, up 92%, and signaled a year-end 2026 revenue run rate approaching $100 billion, significantly above our initial forecast. • Despite an outlook for higher-than-expected capital expenditures — mostly for its AI infrastructure — we are encouraged by the rapid payback on these investments, given the robust growth in computing capacity. • Since the IPO, SPCX shares have been predictably volatile, rising as much as 67% and then declining more than 50% from their highs.

The stock is currently trading close to 20% below the IPO price. • We expect the shares to remain volatile given the initial lockup expiration for insider shares, and expect several additional tranches over the next year.

Nevertheless, SPCX’s strong operational performance in 2Q26 and robust growth outlook over the coming years mitigate these factors. • Our target price is $160, applying a 20-times multiple to our 2027 revenue estimate of $110 billion.”

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