Erste Group analyst Hans Engel initiates coverage on SpaceX (NASDAQ: SPCX) with a Hold rating.
“The company aims to achieve annualized revenue of USD 100 bn by the end of 2026.
This growth will be driven largely by cloud service agreements with AI providers such as Anthropic and Alphabet.
As early as 2026, the AI division will make the largest contribution to total revenue.
Losses from the aerospace and AI segments will continue to be offset next year by the highly profitable Starlink segment.
The high EV/EBIT valuation implies the expectation that the AI division will reach breakeven in the near term, followed by a significant increase in the operating margin.”
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