Space Exploration Technologies (SPCX.O): Potential for $900+; Initiating at Buy

研报英文原文证据摘录

Space Exploration Technologies (SPCX.O): Potential for $900+; Initiating at Buy

Space Exploration Technologies (SPCX.O)

07 July 2026 Citi Research

Figure 9. Vandenberg Space Force Base, California

© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.

Source: Citi Research, Company Reports

Recovery Fleet – SpaceX's autonomous drone ship (ASDS) fleet forms the maritime

backbone of the company's reusable rocket architecture, enabling high-probability

downrange booster landings that maximize payload performance while preserving

vehicle reusability. The three operational vessels feature large landing decks,

thruster-based dynamic positioning systems, and advanced autonomy that enable

precise station-keeping in challenging ocean conditions. These drone ships have

collectively facilitated hundreds of successful booster touchdowns across Atlantic

and Pacific theaters, with individual boosters now achieving up to 34 flights as of

1Q26, demonstrating the maturity and reliability of ocean-based recovery

operations. The fleet's strategic positioning on both coasts ensures comprehensive

coverage for missions requiring maximum payload performance, where Return to

Launch Site landings would impose unacceptable mass penalties. Complementary

support for fairing half recovery and for Dragon retrieval create an integrated ocean

recovery ecosystem that captures and refurbishes all reusable components. This

maritime infrastructure has been instrumental in achieving SpaceX's industry-

leading launch cadence, with 157 of 165 Falcon 9 launches in 2025 using flight-

proven boosters. The recovery fleet's operational excellence directly translates to

cost savings, rapid turnaround times, and the high-margin recurring cash flows