Piper Sandler SpaceX · SPCX

Piper Sandler Keeps Neutral on SpaceX, $140 Price Target

October 21, 2026 Analyst: Alexander Potter 1 min read Reproduced verbatim
Rating
Hold
Unchanged
Target
$140
Unchanged
Downside
−3%
SPCX at $145 today
Piper Sandler and SpaceX logos

What the analyst said

Piper Sandler analyst Alexander Potter reiterated a Neutral rating and $140 price target on SpaceX (NASDAQ: SPCX).

“Disorienting Delta vs.

Consensus; Staying Neutral w/ Positive Bias into Year-End; SPCX is trading higher by ~8% in the after-hours session, with forward-looking commentary implying drastic upside vs. consensus.

To illustrate, Elon Musk predicted an annual recurring revenue (ARR) run-rate of $500B-$1T by year-end 2027, with full-year revenue of $1T possible as early as 2028.

For reference, these figures imply at least 5x upside vs. consensus. Outperformance was also evident in Q3 results, with EBITDA more than 2x higher than we expected.

But it’s not all good news: our 4Q26 capex estimate of $18.5B wasn’t even close to guidance of $35B-$40B.

Clearly, we (and our sell-side peers) have been grossly mis-modeling SPCX, and our model requires substantial revision. We are keeping our estimates unchanged for now, while we complete this process.”

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Where the price stands

SPCX trades at $145. The 30 analysts who set a target in the last 3 months range from $75 to $800, with a median of $233. This $140 target is 40% below the median.

12-month window: day 1 of 365, closes on October 21, 2027.

Track record

This callOpen: SPCX has not reached $140 yet. This 12-month target is scored on October 21, 2027.

Firm track recordPiper Sandler: 88% of its 24 targets at least a year old were reached within 12 months (#8 of 28 firms). Accuracy ranking →

Earnings reactionOne of 20 notes after SpaceX’s Oct 20 results: 10 of 20 raised targets. See every call →

Piper Sandler on SpaceX

Piper Sandler price targets on SpaceX

3 calls from July 16, 2026 to October 21, 2026. The target went from $156 to $140 (−10%). The rating stayed Hold.

Piper Sandler targetSPCX share price
  1. October 21, 2026 This noteKept the $140 targetHold$140
  2. August 5, 2026Target cut from $156 (−10%)Hold$140
  3. July 16, 2026Earliest call shownHold$156
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Other analysts on SpaceX

BarclaysBuy Raised price target +18%, kept rating · Oct 22 $300from $254 HSBCHold Kept rating and price target · Oct 21 $150maintained Daiwa SecuritiesHold Kept rating and price target · Oct 21 $140maintained Raymond JamesBuy Kept rating and price target · Oct 21 $800maintained BernsteinBuy Kept rating and price target · Oct 21 $248maintained
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.