Initiation of Coverage: Ad Astra Per Aspera*; Initiate with a Buy rating

Research evidence excerpt

Initiation of Coverage: Ad Astra Per Aspera*; Initiate with a Buy rating

Powered by Lab Global7 JulyResearch2026ab Evidence UBS YES

Initiation of Coverage

EquitiesSpace Exploration Technologies Corp

Ad Astra Per Aspera*; Initiate with a Buy rating United States

Communications Technology

12-month rating Buy

Starship should unlock a TAM estimated at nearly $30T as AI ramps Prior : No Rating

We are initiating coverage of SpaceX with a Buy rating and price target of $210. We 12m price target US$210.00

view SpaceX as an unparalleled set of assets with a multifaceted return profile and Prior :

multiple drivers of upside for long term, risk tolerant investors. Starship - the most

Price (06 Jul 2026) US$160.91

advanced heavy-lift, re-usable rocket - is the foundational technology that unlocks

opportunities in launch, communications and AI compute creating a total addressable RIC: SPCX.O BBG: SPCX US

market nearing $30T. Starship would effectively give SpaceX commercial control over Trading data and key metrics

access to space for the next decade, and we expect revenues/EBITDA to grow at a

52-wk range US$201.80-153.00

~70%/90% CAGR through '31 to $660B/$512B as opportunities in AI and connectivity

Market cap. US$2,117b

scale and rapid reusability drives the launch cost per kilogram to just $200 from $1K

Shares o/s 13,159m (COM)

currently ($50K for the space shuttle). While not in our base case, SpaceX is uniquely

positioned to exploit off planet business models as they emerge, providing investors a Free float 5%

call option as Elon Musk looks to fulfill his vision of making life multiplanetary. Avg. daily volume ('000) 166,958

Avg. daily value (m) US$28,916.4

A series of attractive near- and long-term catalysts Common s/h equity (12/26E) US$135b