Raymond James Reaffirms Strong Buy on SpaceX, $800 Price Target

Raymond James analyst Brian Gesuale reiterated a Strong Buy rating and $800 price target on SpaceX (NASDAQ: SPCX)

“SpaceX (SPCX) delivered 3Q results and an outlook that handily exceeded even the most celestial Street estimates.

We are nearly doubling our forecasts through 2028, reflecting the ARR/AI momentum highlighted in our recent Dirt to Orbit report.

Several figures capture the acceleration: AI revenue exceeded the rest of SpaceX for the first time; quarterly revenue of nearly $15B approached the ~$19B generated in all of 2025; and management outlined a compute opportunity substantially larger than contemplated just last quarter.

Revenue of $14.6B (+161% y/y) and adjusted EBITDA of $8.8B (60.4% margin) underscore the inflection.

More remarkable, management’s $33–37B 1Q27 revenue outlook implies AI revenue could triple over two quarters towards the mid-$20Bs – more than all that SpaceX generated in 2025.

Management is targeting $500B–$1T YE27 ARR illustrating the expanding opportunity while our model is predicated on less than half that figure.

Our D2O thesis continues to strengthen, with compute capacity and pricing exceeding even our increased assumptions.

The next milestones and debates include Flight 15’s planned booster and ship catches, nearly 1 GW of additional compute by YE26, and the multidimensional financing required to add ~10 GW during 2027 while preserving investmentgrade credit and avoiding an equity raise.

We reiterate our Strong Buy rating and $800 price target.”

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