Investing.com -- Raymond James initiated coverage of Space Exploration Technologies (NASDAQ: SPCX) with a Strong Buy rating and an $800 price target in a note on Tuesday, the highest on Wall Street, calling SpaceX "one of the defining industrial infrastructure companies of the 21st century."

Analyst Brian Gesuale told investors that industrialized access to orbit and AI are driving "the most significant infrastructure convergence since the advent of the Internet," with SpaceX building "the foundational platform for the next generation of industrial capacity" across transportation, communications, compute, manufacturing and energy.

At the center of the thesis is Starship, which Raymond James said reduces the cost of transporting mass to orbit by more than 99% while increasing payload capacity by an order of magnitude.

Gesuale said this transforms orbital launch "from a bespoke aerospace capability into a transportation network defined by commercial aviation-like operating cadence and continuously declining unit costs," drawing historical parallels to railroads, electrification, containerization and the internet.

Raymond James estimates the resulting total addressable market approaches $30 trillion.

The firm highlighted what it called SpaceX's "powerful infrastructure flywheel," noting that "Falcon funded Starlink, Starlink funds Starship, Starship enables the next generation of platforms."

Raymond James projects SpaceX will grow from approximately $38.5 billion in revenue and $17.7 billion in EBITDA today to more than $837 billion in revenue and $696 billion in EBITDA by 2031.

The $800 price target is based on a 27 times exit multiple discounted cash flow on 2031 estimated EBITDA, which Raymond James noted compares to a peer group multiple of 60.7 times on 2028 estimates.