UBS initiates coverage on SpaceX with a Buy rating and a $210 price target. The report highlights Starship's role as a transformative technology in lowering launch costs and unlocking scale in connectivity and orbital AI.
Key Takeaways
- 1.Initiating coverage of SpaceX with a Buy rating and price target of $210, citing an unparalleled set of assets and a TAM nearing $30T.
- 2.Starship is the foundational technology expected to disrupt launch costs and unlock massive opportunities in connectivity and AI.
- 3.Expect revenues/EBITDA to grow at a ~70%/90% CAGR through 2031, driven by AI compute scaling and next-gen satellite capacity.
Table of Contents
- Thesis Map
- Near and Mid-Term Signposts
- Executive Summary
- Pivotal Questions
- What's Priced In?
- Risks
- Share Ownership & Considerations
- Upside/Downside Spectrum
- Company Description
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Authors
John C. HodulikBatya LeviGavin Parsons
Securities
SPCX
Themes
AI InfrastructureSpace ReusabilityVertical Integration
Regions
GlobalUnited States