Analysts Push SpaceX Stock Targets Higher After Earnings Call

Following a strong earnings report released after the market closed on October 20, several financial firms are now forecasting a much higher stock price for SpaceX. In premarket trading on October 21, the company's shares rose roughly 8 percent, ending the previous session at $147.79. This shift comes as analysts adjust their expectations for the stock's future value.

The company reported total revenue of $14.6 billion for the third quarter of 2026, which represents a 161 percent increase compared to the previous year. This figure surpassed analyst predictions of around $12.7 billion. The business also reported a net profit of $4.4 billion, reversing a loss in the prior year, while adjusted EBITDA reached $8.8 billion.

Growth was driven by two key areas. The Super Intelligence division brought in roughly $7.6 billion, becoming the largest source of revenue for the company with year-over-year growth of nearly 830 percent. The Connectivity segment, which includes Starlink, generated $5.2 billion as the subscriber base grew to 13.6 million users.

During the earnings call, CEO Elon Musk and CFO Bret Johnsen provided revenue guidance for the first quarter of 2027 in the range of $33 billion to $37 billion. This projection is well above the approximately $22 billion that analysts had estimated. The company also plans to spend $35 billion to $40 billion on capital expenditures in the fourth quarter, focused on building out AI compute infrastructure at locations such as Memphis and Southaven.

As a result of these reports, numerous firms raised their stock price targets. JPMorgan more than doubled its target from $240 to $500, while maintaining an Overweight rating. Cantor Fitzgerald increased its target to $345 from $246, Barclays raised its to $300 from $254, and Wells Fargo moved its to $274 from $214. Citi, UBS, TD Cowen, Morgan Stanley, and Clear Street also adjusted their targets higher.

Analysts cited several factors for their increased expectations, including the company's strong quarterly results, progress in its AI compute expansion, Starlink's development, and recent Starship milestones. The average analyst price target has moved higher, reflecting greater conviction in SpaceX’s trajectory across launch, connectivity, and the Super Intelligence business, even as elevated spending remains a point of focus.