Space Exploration Technologies Corp. Initiation

RBC initiates coverage of SpaceX with an Outperform rating and $225 price target. The firm cites SpaceX's leadership in space launch, Starlink connectivity, and integrated AI/compute infrastructure as key growth drivers.

Key Takeaways

• 1.SPCX sits at the center of two mega investment themes: AI and space.
• 2.Starship is set to materially lower costs to access space, enabling lunar economy evolution.

Table of Contents

• Company Overview
• Key Stock Debates
• Valuation Analysis
• Space Segment
• Connectivity Segment
• AI Segment
• AI Infrastructure deep dive: Tokenomics and the ROIC on terrestrial and orbital compute
• Terrestrial Datacenters
• xAI Orbital Datacenters
• Datacenter ROIC Analysis
• The LLM landscape
• SpaceX and Tesla Collaboration
• Financial Overview of AI

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