SPCX: Dare to Dream – Initiating with Outperform and $230 PT – A Lot to Prove, b

Research evidence excerpt

SPCX: Dare to Dream – Initiating with Outperform and $230 PT – A Lot to Prove, b

Technology | Frontier AI Models & Infrastructure

July 14, 2026

Cable, Satellite & Telecom Services SPCX: Dare to Dream – Initiating with

Kutgun Maral, CFA Outperform and $230 PT – A Lot to Prove, 212-497-0804

kutgun.maral@evercoreisi.com but the Upside Skew Is Too Compelling to

Amir Razban Ignore 212-812-2923

amir.razban@evercoreisi.com We launch coverage of SPCX with an Outperform rating and a $230

Erica Nie price target. While one can debate the feasibility of certain ambitions

212-812-2906 and timelines, we don't think there's a debate that this is an

erica.nie@evercoreisi.com extraordinary company on a real path to reshaping the future of

humanity. It is a single, vertically integrated machine that turned

IT Hardware/Networking & Communications reusable, low-cost launch into a near-monopoly on access to orbit, used

Infrastructure that edge to build Starlink into a scaled, cash-generative connectivity

Amit Daryanani franchise, and is now pointing the same flywheel at AI infrastructure.

415-800-0185

amit.daryanani@evercoreisi.com To be clear, there is a great deal left to prove out that's on our radar:

Irvin Liu Starship working and scaling (first payload 2H26); growing traction in

415-800-0183 Starlink broadband (2H26/2027); the feasibility of the mobile strategy

irvin.liu@evercoreisi.com (2027-29); continued growth in terrestrial compute and retaining key

contracts (2H26-2028); the viability of orbital compute (2029+); and

Internet Grok/Cursor gaining a genuine foothold in AI enterprise (2H26-2028).

Mark Mahaney However, if management delivers most of this, the setup over the next

415-531-5882 several years looks compelling. Our model, which gives credit for the