Pivotal Research sees 45% upside for SpaceX, banking on Starship's launch efficiency and Starlink's projected revenue growth to $118 billion by 2027.
Pivotal Research initiated coverage on SpaceX with a Buy rating and a $220 price target, identifying the Starship program and Starlink as primary growth engines. The analyst highlights that Starship's reusable launch capabilities create a structural monopoly in commercial space transport, while Starlink's expansion into direct-to-cell and enterprise services is expected to drive revenue from $46.6 billion to $118.2 billion by 2027.
Pivotal Research set a price target of $220 for SpaceX shares.
The analyst expects annual corporate revenue to grow from $46.6 billion this year to $118.2 billion in 2027.
Pivotal Research analyst Jeffrey Wlodarczak initiated coverage on SpaceX (SPCX) with a Buy rating and a $220 price target, projecting a 45% upside. The firm cites the Starship launch program and the rapid expansion of the Starlink broadband unit as primary catalysts for long-term value creation.
The analyst identifies the Starship launch program, which lowers payload costs through reusability, and the rapid scaling of the Starlink broadband satellite service as the core drivers of future value.