SpaceX (SPCX) Stock: Bernstein Sets $248 Target Amid Explosive AI Growth Projections

Quick Summary

• Bernstein assigns SpaceX an Outperform rating with a $248 target, representing a potential 74% gain from present trading levels.
• Analysts project SpaceX’s AI-related revenues will explode from $24.6 billion in 2026 to $115.1 billion by 2027.
• The company’s entry into power turbine blade production triggered notable declines across energy equipment manufacturers this week.
• Industry analysts downplayed competitive concerns, noting it would take more than four years for new competitors to scale operations.
• Howmet Aerospace received positive attention from Citi’s catalyst watch and Deutsche Bank’s top supplier designation.

Shares of SpaceX closed at $141.04 on Wednesday, slipping 0.8% despite positive momentum across broader indices. The S&P 500 gained 0.55% while the Dow advanced 0.77% during the same session.

Space Exploration Technologies Corp., SPCX

The week has been eventful for Elon Musk’s space venture. SpaceX shares have climbed approximately 25% during the past month, with continuous catalysts emerging across multiple business segments.

Douglas Harned, an analyst at Bernstein, maintains an Outperform stance on SpaceX shares with a $248 valuation target. This projection suggests approximately 74% appreciation potential from today’s price levels. Harned anticipates SpaceX’s artificial intelligence segment will expand dramatically from $24.6 billion in 2026 to $115.1 billion the following year, positioning AI as the dominant revenue contributor.

According to Bernstein’s projections, overall company revenue should reach $46.4 billion in 2026, then surge to $150.4 billion in 2027. Artificial intelligence initiatives account for the bulk of this anticipated expansion.

The investment thesis extends well beyond launch services. Bernstein highlights space-based data centers as a significant long-term opportunity. SpaceX is developing Starbase Louisiana across 125,000 acres, with groundbreaking scheduled for 2027 and initial Starship operations from the location planned for 2029. The complex is designed to accommodate at least 10 launch platforms and ultimately support over 30 Starship missions daily.

The company also recently finalized its Cursor acquisition, integrating advanced coding capabilities into the Grok AI ecosystem. Bernstein believes this positions SpaceX to monetize AI software services beyond raw computational infrastructure.

Starlink and Terafab Fuel Expansion Plans

Bernstein projects Starlink connectivity revenues of $17.0 billion in 2026, climbing to $27.7 billion in 2027, and ultimately reaching $205.9 billion by 2031. The aviation sector continues expanding, with 46 carriers now participating. Qatar Airways broadened its implementation in August, while Royal Air Maroc recently became the latest airline partner.

SpaceX’s forthcoming Terafab semiconductor manufacturing facility in Texas represents another strategic initiative. The project’s initial construction phase alone demands approximately $16.8 billion in capital investment.

The Street’s average price objective for SpaceX stands at $231.63, suggesting 64% upside potential. Consensus sentiment leans Moderate Buy, derived from 25 Buy recommendations, five Hold ratings, and three Sell opinions since the company went public.

Energy Equipment Stocks React to SpaceX News

SpaceX’s announcement regarding turbine blade production capabilities created turbulence throughout the power generation equipment industry. Howmet Aerospace declined roughly 4% through Wednesday’s trading week. GE Vernova and Siemens Energy fell approximately 3% and 6%, respectively. Caterpillar and Cummins also experienced downward pressure.

Analysts countered the market’s negative reaction. Citi designated Howmet for upside catalyst monitoring, characterizing the decline as excessive. Deutsche Bank elevated Howmet to its premier aerospace supplier selection with 35% appreciation potential. Jefferies emphasized that any new competitor would require four years minimum to establish meaningful single-crystal casting production capacity.

22V Research suggested SpaceX’s probable near-term strategy involves manufacturing replacement components for its proprietary power generation fleet rather than directly challenging established foundries. SpaceX acquired APR Energy earlier this year, a company that operates mobile power equipment utilizing turbines from manufacturers including GE Vernova.

Howmet shares remained under pressure on Wednesday, declining 1.2% despite supportive analyst commentary.

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