SPCX Stock Jumps as SpaceX Price Target Raised by Oppenheimer
Highlights
- Oppenheimer raised its price target on Elon Musk’s SpaceX to $280.
- The firm cited vertically integrated AI platform, access to data and rapid infrastructure expansion.
- SPCX stock climbed almost 0.50% premarket to $142.97 on Wednesday.
SPCX stock climbed almost 0.50% premarket on Wednesday after Oppenheimer raised its price target on Elon Musk’s SpaceX. The investment bank cited the company’s vertically integrated AI platform driving stronger compute pricing and higher long-term revenue estimates.
Oppenheimer Recommends ‘Buy’ on Elon Musk’s SpaceX
American multinational independent investment bank maintained an ‘outperform’ rating on SpaceX on September 2, recommending a buy despite growing investor concerns about increasing AI spending. The firm also raised its price target on SPCX stock to $280 from $250.
Analyst Tim Horan cited SpaceX’s vertically integrated AI platform, access to data, capital and Nvidia GPUs, alongside rapid infrastructure expansion as major reasons. He highlighted progress from Grok and Cursor as strong, with AI usage exceeding expectations.
Oppenheimer also raised long-term revenue estimates, expecting stronger AI compute pricing and significant returns from next-generation Nvidia Rubin chips.
This comes days after Bernstein initiated coverage on Elon Musk’s SpaceX with an outperform rating and a $239 target. The firm highlighted SpaceX’s Starship program as the single most critical driver for the company’s valuation, raising the price target further to $248.
Notably, Wall Street giant JPMorgan also reiterated its ‘Buy’ rating and price target at $240 after Elon Musk urged for lighter AI regulations while speaking at the G20 Tech Summit on Tuesday.
SPCX Stock Jumps
The latest raise in SPCX stock price target by multiple firms comes after SpaceX’s first quarterly earnings beat Wall Street estimates. Notably, revenue jumped 92% to $7.81 billion and net loss narrowed to $541 million.
Wall Street analysts are looking beyond heavy AI spending as Elon Musk’s estimate of $1 trillion in revenue by 2030. Meanwhile, it comes as a massive $18.4 billion capital expenditure surge tied to AI infrastructure spooked investors.
Today, SPCX stock has surged almost 0.48% to $142.97. The stock has surged more than 30% in a month. SPCX stock closed 1.02% to $142 on Tuesday. Trading volume dropped more than double.
SpaceX stock price prediction revealed it is testing the resistance at $143. If the price moves above the resistance at this midline, the stock could reach $148.
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