Analysts Push SpaceX Targets Higher After Earnings

Wall Street analysts moved swiftly to revise their outlooks for SpaceX (NASDAQ: SPCX) on October 21, issuing a wave of higher price targets following a robust financial report for the third quarter of 2026. The company released its results after the market closed on October 20, sending shares sharply higher in the trading sessions that followed the announcement.

For the quarter, the company reported revenue of $14.6 billion, a figure representing a 161 percent increase from the prior year and one that comfortably beat consensus estimates, which had been near $12.7 billion. Profitability also improved significantly, with the firm posting a net profit of $4.4 billion, reversing a loss from the previous year, while adjusted EBITDA reached $8.8 billion.

The financial results were driven in large part by specific business segments. The Super Intelligence division generated approximately $7.6 billion, a figure that made it the largest revenue contributor for the company. This unit grew nearly 830 percent year over year. The Connectivity segment also performed well, delivering $5.2 billion on the back of subscriber growth, which lifted the consumer base to 13.6 million for Starlink.

The earnings call itself served as a significant catalyst for the subsequent analyst revisions. CEO Elon Musk and CFO Bret Johnsen outlined guidance for first quarter 2027 revenue of $33 billion to $37 billion. This projection is far above the roughly $22 billion analysts had modeled for that period. Management also detailed fourth quarter capital expenditure plans of $35 billion to $40 billion, focused on building AI compute infrastructure at sites including Memphis and Southaven.

Additional discussion during the call covered a range of company developments, including Starship’s recent orbital success, V3 satellite deployment, Starlink pricing and enterprise momentum, rapid Grok Bot adoption, and spectrum expansion plans. The company also formed special committees to explore a possible combination with Tesla.

In response to these figures and statements, firms revised their targets across the board. JPMorgan more than doubled its target to $500 from $240 while maintaining an Overweight rating. Cantor Fitzgerald lifted its target to $345 from $246 (Overweight), while Barclays raised its target to $300 from $254 (Overweight). Morgan Stanley held an Overweight rating with a $300 target.

Other firms adjusted their targets as well. Citi increased its target to $240 from $200 (Buy), UBS moved to $230 from $210 (Buy), and TD Cowen raised its target to $224 from $200 (Buy). Wells Fargo adjusted to $274 from $214, and Clear Street adjusted to $248 from $217. Analysts broadly cited the strong quarterly print, accelerating AI compute expansion, Starlink progress, and Starship milestones as drivers of higher long-term growth and earnings power.

Shares, which closed at $147.79 on October 20, jumped roughly 8 percent in early premarket trading on October 21 as investors digested the results and the newly elevated Street targets. The average analyst price target has moved higher, which reflects greater conviction in SpaceX’s trajectory across launch, connectivity, and the Super Intelligence business, even as elevated spending remains a point of focus.