A section of Wall Street analysts have updated their outlook on SpaceX (NASDAQ: SPCX) after the company reported stronger-than-expected second-quarter 2026 results.
Notably. several firms raised price targets or reaffirmed bullish ratings despite concerns over rising capital expenditures.
SpaceX reported Q2 revenue of $7.8 billion, up 92% year-over-year and ahead of consensus estimates of $6.81 billion. Adjusted EBITDA surged 191% to $3.5 billion, while net loss totaled $541 million as the company continued investing heavily in artificial intelligence infrastructure, Starship development, and next-generation Starlink satellites.
The connectivity segment generated $4.3 billion in revenue and added 1.7 million net subscribers during the quarter.
Meanwhile, AI revenue jumped 247% year-over-year to $2.6 billion, with the segment reaching adjusted EBITDA profitability earlier than expected.
Management reiterated its target of reaching a $100 billion annualized revenue run rate by the end of 2026. It also moved forward its internal timeline for achieving $1 trillion in annual revenue to 2030 from 2031.
Ahead of the earnings release SPCX shares rallied 9.43% to $125.33. However, the stock later retreated in after-hours trading as investors assessed quarterly capital expenditures of $18.4 billion and the prospect of continued elevated spending.
As of press time, the stock was trading at about $125 after falling nearly 15% in pre-market trading to around $110.
Wall Street bullish on SpaceX stock
According to analyst data compiled by TipRanks, SpaceX holds a ‘Moderate Buy’ consensus rating based on 31 analyst reviews. Of those, 23 analysts recommend buying the stock, six suggest holding, and two rate it a sell.
The average 12-month SpaceX stock forecast stands at $233.71, implying roughly 86% upside from the latest closing price of $125.33. Analyst targets range from a low of $75 to a high of $800.
Among the analysts, Bank of America’s Ronald Epstein reiterated a ‘Buy’ rating and a $235 price target on August 5, noting that both revenue and profitability exceeded expectations. The firm also highlighted management’s long-term targets and raised its forecasts.
Mizuho maintained its ‘Outperform’ rating and $200 price target, citing strong execution across the company’s connectivity and AI businesses.
Clear Street’s Brian Dobson kept a ‘Buy’ rating and $217 target, pointing to the AI segment’s earlier-than-expected profitability. The firm also noted that SpaceX holds approximately $100 billion in cash and marketable securities against a backlog of $47.5 billion.
William Blair analyst Louis DiPalma reiterated an Outperform rating following the earnings report, while JPMorgan raised its price target to $240 from $225, reflecting confidence in the company’s growth trajectory.
Meanwhile, not all firms turned more bullish. Piper Sandler lowered its price target to $140 from $156 while maintaining a ‘Neutral’ rating. The brokerage cited valuation concerns, a significant increase in tradable shares, higher projected fiscal 2027 capital expenditures, and uncertainty surrounding long-term AI cloud demand.
