Wall Street Raises Price Target After SpaceX Earnings... Average $233.71, 86% Upside Potential

▲ Elon Musk, SpaceX (SPCX), US stocks, individual investors/AI generated image ©

Although SpaceX's large capital expenditure (CapEx) of $18.4 billion increased stock volatility, Wall Street focused on its better-than-expected growth and profitability, setting an average price target of $233.71. This is approximately 86% higher than the recent closing price.

According to crypto media outlet Finbold on August 5 (local time), SpaceX's Q2 2026 revenue increased by 92% year-over-year to $7.8 billion, surpassing market expectations of $6.81 billion. Adjusted EBITDA surged by 191% to $3.5 billion, while net loss was recorded at $541 million.

Consolidated business revenue was $4.3 billion, and net subscribers increased by 1.7 million. Artificial intelligence (AI) revenue grew by 247% year-over-year to $2.6 billion, achieving profitability on an adjusted EBITDA basis earlier than expected. Management maintains its goal of achieving an annualized revenue of $100 billion by the end of 2026 and has moved forward the target for achieving $1 trillion in annual revenue from 2031 to 2030.

Among 31 analysts tracked by TipRanks, 23 recommended 'Buy', 6 'Hold', and 2 'Sell', resulting in an overall 'Moderate Buy' rating. The 12-month average price target is $233.71, with a forecast range from a low of $75 to a high of $800. Based on the recent closing price of $125.33, the average upside potential is approximately 86%.

Bank of America maintained its 'Buy' rating and a price target of $235, while Mizuho issued an 'Outperform' rating and a target of $200. Clear Street maintained its 'Buy' rating and $217, citing the early profitability of the AI segment. JPMorgan raised its price target from $225 to $240, reflecting confidence in its growth outlook.

However, investment costs and valuation concerns remain. Piper Sandler maintained a 'Neutral' rating and lowered its price target from $156 to $140. Reasons cited included an increase in outstanding shares, an outlook for expanded capital expenditure in 2027, and uncertainty regarding long-term AI cloud demand. SpaceX stock closed up 9.43% at $125.33 before the earnings announcement but faced selling pressure in after-hours and pre-market trading after the disclosure of quarterly investment costs totaling $18.4 billion.

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