Evercore ISI Raises SpaceX Price Target to $275

Evercore ISI analyst Kutgun Maral raised the price target on SpaceX (NASDAQ: SPCX) to $275 (from $230) while maintaining an Outperform rating.

“We expect SPCX’s 3Q26 print to be judged less on the quarter (where we’re ahead of the Street on revenue/EBITDA) than on five debates that should drive medium-term estimates and sentiment through year-end and into 2027.

Inside this note, we unpack: (1) Whether SPCX exits 2026 at its $100bn+ ARR goal (we model $104bn); (2) How much compute it can bring online by YE-26 (we’re at 2.3 GW though see scope for 2.7 GW vs.

Street at 2.2 GW) and through 2027 (we go from 5.7 GW to 6.5 GW vs.

Street at 6.1 GW); (3) Whether $/W pricing holds on new deals and signed contracts (we’re penciling in assumed new deals at $30/W in 2027 and note pricing downside could be offset by higher % of compute rented to third parties); (4) The size of the capex bill and how it is funded (we highlight that our upward EBITDA revisions are higher than the capex uptick for 2027); and (5) Whether SPCX can genuinely launch a competitive mobile service.

Transformative catalysts ahead in 2027. Skeptics point to a complex story built on long-dated initiatives that can feel more science fiction than financial model.

We think the proof points are closer than many appreciate.

Starship reached orbit and deployed its first V3 satellites on Flight 14, and we think reuse could be proven within the next few flights – the Street shouldn’t need thousands of launches to give credit, just reuse and a run of clean flights.

Musk has targeted 4Q27 for the first Starmind AI satellites, which should start to answer the feasibility question on orbital compute.

Starlink Mobile has V2 satellites set to fly next year and EchoStar spectrum closing late next year ahead of a 1H28 launch.

Meanwhile, scaling terrestrial compute should support more external deals and continued progress at Grok/Cursor/Grok Bot, and each Starship launch carries ~26 Tbps of V3 capacity, which should help Starlink broadband accelerate.

Raising PT to $275. We reiterate Outperform and raise our PT to $275 from $230, as the 27% increase in our 2029E adj.

EBITDA to $266bn from $210bn more than offsets a lower blended EV/EBITDA multiple of 15.3x (from 16.6x) following the AIrelated selloff on financing concerns.

We maintain our 70% AI Enabler / 30% Mag 7 ex-Tesla weighting and discount back one year.”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.