Report published September 28, 2026
SpaceX: Got Compute? – Deutsche Bank Equity Research Report
Deutsche Bank · September 28, 2026
Deutsche Bank maintains a Buy rating on SpaceX with a $235 price target following an update on its AI compute buildout. SpaceX is poised to reach ~2.3 GW of compute exiting November 2026 and ~2.7 GW in early 2027, backed by $54.5bn in annualized neocloud contract run-rate revenue.
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Finvaulta summarizes Deutsche Bank's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.SpaceX is rapidly expanding AI compute capacity, projecting ~2.3 GW by exiting November 2026 and ~2.7 GW in early 2027 using NVIDIA GB300 clusters.
- 2.Five signed neocloud customer agreements generate an estimated $54.5bn on an annualized revenue run-rate basis across 1.2–1.4 GW of compute.
- 3.To support its massive compute expansion, SpaceX is constructing a 3.3 GWh grid-connected battery pack bank, the largest in the United States.
Table of Contents
- Got compute?
- Valuation & Risks
Report data
Figure 2: Neocloud deals — as of September 25, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Stock Price | 148.68 USD | SpaceX closing price as of 25 Sep 2026 |
| Target Price | 235.00 USD | Deutsche Bank 12-month target price on SpaceX |
| Compute Capacity Exit 2Q26 | 1.4 GW | SpaceX exit compute capacity at 2Q26 |
| Projected Compute Capacity Exit Nov 2026 | 2.3 GW | Estimated compute capacity exiting November 2026 |
| Projected Compute Capacity Early 2027 | 2.7 GW | Estimated compute capacity in early 2027 across Colossus I, II, and Minihard sites |
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