Launching into the Future of Space and AI; Initiating OUTPERFORM and $190 PT

Research evidence excerpt

Launching into the Future of Space and AI; Initiating OUTPERFORM and $190 PT

Company Report

June 30, 2026 Space Exploration Technologies Corp

Rating: (SPCX)OUTPERFORM

Price: Launching into the Future of Space and AI; Initiating

$163.33 OUTPERFORM and $190 PT

12-Month Price Target:

$190.00

We are initiating coverage on SpaceX with an OUTPERFORM rating and a $190

price target with SpaceX well-positioned to become a major hyperscaler with itsAnalysts

vertically integrated platform across connectivity, launch, and AI infrastructure.Dan Ives

(212) 344-2073 We view SpaceX as one of the most differentiated assets within the tech market

Dan.Ives@wedbush.com with a strong footprint across its three core markets with Starlink driving success

Steven Wahrhaftig with connectivity, Starship launches leading to a demand flywheel and increasing

(212) 931-7059 deal flow for its Colossus clusters. Starlink remains the profitability driver given

steven.wahrhaftig@wedbush.com the strength of its recurring revenue base of ~12 million subscribers as of June 5th,

Sam Brandeis 2026, with ARPU of ~$66 across its enterprise and consumer fleets. We believe that(212) 222-3005

sam.brandeis@wedbush.com Starlink is still in the early innings of penetrating the global telecom and broadband

Anish Jog market, where SpaceX holds less than 1% share, while building out its direct-to-

(917) 747-3095 device cellular services to capitalize on rising consumer demand.

anish.jog@wedbush.com

Matthew Ricapito Access to Capital Fueling Ambitious Long-Term Goals. SpaceX relies on significant

(929) 259-2049 capital investments which we believe are essential to funding the continued

matthew.ricapito@wedbush.com buildout of Starlink, its launch business, and building out its data center footprint.