Mizuho Reiterates Outperform on SpaceX, $200 Price Target

Mizuho analyst Brett Linzey reiterated an Outperform rating and $200 price target on SpaceX (NASDAQ: SPCX) on August 14, 2026.

“SpaceXAI released Grok 4.6 yesterday, its first major model update since Grok 4.5 and another meaningful step toward establishing Grok as a credible frontier model.

Based on third-party performance evaluations (Exhibit 1), Grok 4.6 now sits roughly in line with the newest models from Anthropic (Claude Fable 5) and OpenAI (GPT-5.6 Sol).

We also review recent compute-pricing commentary from CoreWeave (CRWV, covered by Senior Analyst Gregg Moskowitz) and Nebius (NBIS, not covered).

Our two key takeaways: (i) frontier-level performance, lower pricing and Cursor distribution should support enterprise share gains from a relatively small base for Grok; and (ii) the external compute market remains exceptionally tight, with pricing rising across new and prior-generation capacity and customers showing increased willingness to prepay for capacity access.”

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