Wall Street Lifts SpaceX Valuation Forecasts Following Earnings Beat

Following a third-quarter earnings release after the close on October 20, Wall Street firms moved swiftly to increase their projected stock values for SpaceX (NASDAQ: SPCX). The revisions came as the company’s shares climbed in extended trading hours and continued to rise during early trading on October 21.

Financial results for the period ending in September 2026 showed revenue reaching $14.6 billion, a 161 percent surge compared to the same quarter last year, surpassing analyst projections that had centered on roughly $12.7 billion. The company shifted from a loss to a net profit of $4.4 billion, while adjusted EBITDA stood at $8.8 billion.

Growth was driven largely by the Super Intelligence (AI) division, which generated approximately $7.6 billion, making it the largest revenue contributor. That segment grew nearly 830 percent year-over-year. The Connectivity segment contributed $5.2 billion, supported by subscriber additions that pushed the Starlink consumer base to 13.6 million.

During the earnings call, CEO Elon Musk and CFO Bret Johnsen outlined revenue guidance for the first quarter of 2027 in the range of $33 billion to $37 billion, significantly above the approximately $22 billion analysts had modeled. Management also detailed fourth-quarter capital expenditure plans of $35 billion to $40 billion focused on AI compute infrastructure at sites including Memphis and Southaven. Additional discussion covered Starship’s recent orbital success, V3 satellite deployment, Starlink pricing and enterprise momentum, rapid Grok Bot adoption, spectrum expansion plans, and the formation of special committees to explore a possible combination with Tesla.

Analysts responded to the guidance and the quarter's performance by raising price targets. 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). Barclays raised its target to $300 from $254 (Overweight). Citi increased its target to $240 from $200 (Buy), while UBS moved to $230 from $210 (Buy), and TD Cowen raised its target to $224 from $200 (Buy).

Morgan Stanley held an Overweight rating with a $300 target. Other firms also adjusted higher, including Wells Fargo (to $274 from $214) and Clear Street (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.