Space Exploration Technologies Corp.: Paving the superhighway to the stars; Initiate at Buy, PO of $235

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Space Exploration Technologies Corp.: Paving the superhighway to the stars; Initiate at Buy, PO of $235

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Space Exploration Technologies Corp.

Paving the superhighway to the stars;

Initiate at Buy, PO of $235

Initiating Coverage: BUY | PO: 235.00 USD | Price: 162.00 USD

Launch leadership enables everything else 07 July 2026

We initiate coverage of SpaceX (SPCX) with a Buy rating and $235 PO, derived by a Equity

long-term DCF considering base, bear, and bull cases (see inside). SpaceX has evolved

from a launch company into the foundational enabler of the space economy and the Ronald J. Epstein Research Analyst

leading provider of space-based applications as a result. SpaceX’s extensive moats on BofAS

reusable launch and proliferated space applications are in our view laying the foundation +1r.epstein@bofa.com646 855 5695

for Starship and future applications to drive another paradigm shift in capabilities. Justin Post

Research Analyst

Monetizing the mass to orbit moat BofASjustin.post@bofa.com

SpaceX has demonstrated a unique ability to convert launch and manufacturing Tal Liani

capabilities into market-leading, recurring applications businesses, notably Starlink. The Research Analyst

BofAS

result is a powerful flywheel, where launch enables space applications, applications tal.liani@bofa.com

generate cash flow, and those cash flows support further infrastructure investment. Michael J. Funk

While not reflected directly in financials given company accounting, Falcon and Starship Research Analyst

launch economics are the primary drivers of SpaceX’s ability to develop high-margin michael.j.funk@bofa.com

application layers on orbit. Mariana Perez Mora

It all hinges on the “King of the Cosmos” BofAS+1 646 855 5696