SpaceX (SPCX) Stock Gains 1.2% After Strong Earnings Beat and Morgan Stanley Endorsement

Key Highlights

• Shares of SPCX advanced 1.2% to $139.63 on Wednesday, driven by quarterly revenue that surged 91.9% year-over-year to $7.81 billion
• The company posted a loss of $0.09 per share, significantly better than the consensus estimate of a $0.26 loss
• Morgan Stanley maintained its Buy rating and $300 price target, describing the valuation as “attractive”
• The aerospace company unveiled plans for a $100 billion Starship launch complex in Louisiana, designed for thousands of annual launches
• Analyst consensus stands at “Moderate Buy” with a mean price target of $232.35

Shares of SpaceX (SPCX) gained 1.2% during Wednesday’s trading session, finishing at $139.63 after reaching an intraday peak of $140.18.

Space Exploration Technologies Corp., SPCX

Trading volume registered approximately 59 million shares, representing a 46% decline from the typical daily average of 110 million shares.

The stock’s upward movement came on the heels of impressive quarterly results. SpaceX posted a per-share loss of $0.09, significantly outperforming Wall Street’s expectation of a $0.26 loss.

Quarterly revenue reached $7.81 billion, marking a substantial 91.9% increase from the year-ago period.

In response, Morgan Stanley’s Adam Jonas maintained his Buy recommendation and $300 price target, characterizing SPCX as “attractively valued” when considering its 10x sales multiple on 70% growth and 25x EBIT on 113% growth using his fiscal 2028 projections.

According to Jonas, the market hasn’t fully grasped the scale and ambition of SpaceX’s Starship launch objectives.

Massive Louisiana Launch Complex in Development

Renewed analyst focus emerged following SpaceX’s revelation of plans for a $100 billion Starship launch complex along Louisiana’s southern coastline in Vermilion Parish.

The proposed facility would occupy approximately 125,000 acres and feature five separate launch complexes alongside manufacturing and supporting infrastructure.

Groundbreaking is slated for 2027. According to company statements, the installation could accommodate thousands of Starship launches each year.

Jonas highlighted SpaceX’s intention to construct 15 total launch pads, far exceeding its current complement of three. His analysis suggests that even with just two launches per pad daily, SpaceX could achieve roughly 5,800 annual launches by 2040 utilizing only eight pads.

“We do not need a fully operational Starbase, LA to get to even our 2040 forecasts,” Jonas wrote, where he projects $3.5 trillion in revenue.

Mixed Street Sentiment and Potential Headwinds

The bullish view isn’t universal. Susquehanna moved SPCX to underperform last August. CFRA maintains a sell recommendation with a $115 target, while certain valuation models suggest shares could decline to $95 by 2028 if AI and space initiatives fail to generate expected profits.

The Louisiana development has attracted environmental opposition, particularly regarding potential impacts to the coastal ecosystem.

Skeptics also highlight that Musk’s vision for a million-satellite AI network could necessitate nine or more Starship launches daily, representing an exceptionally challenging operational goal.

Additionally, SpaceX is phasing out Falcon 9 Starlink missions from Florida facilities, transferring more activity to Starship platforms. This transition amplifies dependence on achieving consistent, high-cadence Starship operations.

The company has scheduled its inaugural Nvidia-equipped AI satellite launches for late 2027, representing a significant expansion into space-based computing.

Current trading levels sit above the $135 IPO price but remain substantially below the previous high of $225.64.

The Street consensus reflects a Moderate Buy stance derived from 24 Buy ratings, five Hold ratings, and three Sell ratings, with a collective price target of $232.35—suggesting approximately 66% potential upside from present levels.