SpaceX (SPCX), Target Price Jumps to '$280'..."AI Drives $1 Trillion in Revenue"

▲ SpaceX (SpaceX, SPCX), US Stock/AI Generated Image

SpaceX (SpaceX, SPCX) has received a target price of $280 from Wall Street, backed by expectations of expanding its artificial intelligence business.

According to CoinGape on September 2 (local time), Oppenheimer maintained its 'Outperform' rating for SpaceX. The target price was raised from the previous $250 to $280. The stock traded up approximately 0.5% to $142.97 in pre-market trading.

Oppenheimer analyst Tim Horan cited a vertically integrated artificial intelligence (AI) platform as the key reason for the target price increase. He also positively evaluated access to data, capital, Nvidia (NVDA) GPUs, and rapid infrastructure expansion. He analyzed that Grok and Cursor's performance was strong and AI usage exceeded expectations.

Long-term revenue forecasts were also raised. Oppenheimer expects AI computing prices to remain stronger than anticipated. It also anticipates significant returns on investment from next-generation Nvidia Rubin chips. Bernstein had previously given SpaceX an 'Outperform' rating and raised its target price from $239 to $248. JPMorgan also maintained its 'Buy' rating and a $240 target price.

SpaceX's first-quarter earnings also exceeded Wall Street expectations. Revenue increased by 92% to $7.81 billion, and net loss decreased to $541 million. Conversely, capital expenditures related to AI infrastructure rose to $18.4 billion. The company set a revenue target of $1 trillion for 2030.

SpaceX's stock price has risen by over 30% in the past month. In pre-market trading on September 2, it rose to $142.97, with $143 identified as a technical resistance level. CoinGape reported that if this price level is broken, $148 would be considered the next upper price target.

[Article Key Summary]

-Oppenheimer raised SpaceX's target price from $250 to $280 and maintained its 'Outperform' rating.

-A vertically integrated AI platform, data and GPU accessibility, and rapid infrastructure expansion were cited as key reasons for the target price increase.

-SpaceX's revenue increased by 92% to $7.81 billion, and its stock price has risen by over 30% in the past month.

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