As Space Exploration Technologies Corp. (NASDAQ: SPCX) stock remained above its IPO (Initial Public Offering) price over the past four weeks through September 2, 2026, Timothy Horan, a Wall Street analyst at Oppenheimer, is more convinced that SpaceX could rally to a new all-time high (ATH) over the next 12 months.
Horan reiterated a ‘Buy’ rating for SpaceX stock on Wednesday. He further lifted the firm’s 12-month price target for SPCX to $280 from $250, representing a 12% raise.
With SpaceX trading at $140.03 at the time of writing, this analyst signals a potential 99.96% upside over the next 12 months. The bullish thesis rests heavily on SpaceX’s evolving identity as a vertically integrated Artificial Intelligence (AI) infrastructure powerhouse rather than just a launch provider.
Oppenheimer highlights that the strategic acquisition of Cursor, an agentic coding platform purchased by SpaceX for $60 billion, has been transformative across the company’s entire AI ecosystem. For instance, Cursor has enhanced Grok with further upgrades, currently looking at Grok 5.0, thereby accelerating productivity past expectations.
Horan based his bullish outlook for SpaceX on rapid infrastructure expansion using NVIDIA Corp.’s (NASDAQ: NVDA) next-generation Rubin chips, which he projects could deliver a swift one-year payback. The firm highlighted that SpaceX is positioned to capture up to 100% of its AI software revenue or 50% as an infrastructure wholesaler (IaaS).
Consequently, Oppenheimer raised its long-term revenue estimates by 10% to 20% on stronger AI compute pricing power, despite elevated CapEx (Capital Expenditure) requirements.
SpaceX stock 12-month forecast
Following Oppenheimer’s bullish outlook for SpaceX, 33 Wall Street analysts surveyed by TipRanks over the past three months have set an average 12-month price target of $231.63, suggesting a possible 64.61% uptick.
The highest SPCX 12-month price forecast is $800, while the lowest is around $75.
SPCX price performance
SPCX is trading 3.73% higher than its IPO price at the time of publication, hence a market capitalization of roughly $1.9 trillion.
Over the past 30 days, SPCX’s price has added over 12%, fueled by the broader rebound in AI stocks. If the AI boom continues to propel SpaceX stock over the coming months, these targets of an ATH could be achieved sooner.
Featured image via Shutterstock
