Wedbush starts SpaceX at Outperform, sees company becoming major hyperscaler

Investing.com -- Wedbush initiated coverage of Space Exploration Technologies Corp. (SPCX) with an Outperform rating and a $190 price target on Wednesday, calling SpaceX "one of the most differentiated assets within the tech market" and positioning it as a future major hyperscaler across connectivity, launch and AI infrastructure.

Analyst Dan Ives said Starlink remains the company's core profitability driver, with approximately 12 million subscribers as of June 5, 2026, and average revenue per user of approximately $66 across enterprise and consumer fleets.

Ives stated that Starlink is "still in the early innings of penetrating the global telecom and broadband market," where SpaceX holds less than 1% share, while also building out direct-to-device cellular services.

Wedbush highlighted Starship's reusability as a key strategic advantage, reducing hardware launch costs while generating a feedback loop for improving launch frequency.

Each Starship is expected to carry approximately 60 Starlink satellites per launch, up from 27 per Falcon 9, making it "an incremental driver of its highly profitable broadband connectivity business."

On capital, Wedbush noted SpaceX received approximately $86 billion from its IPO, with around 20% tied to AI infrastructure investments. The firm said the company is also seeking additional financing to fuel its AI ambitions.

Wedbush's $190 price target is derived from a sum-of-the-parts valuation based on fiscal year 2028 estimates, yielding approximately $2.48 trillion of implied enterprise value.

Ives said AI and compute remain "still in early innings over the next decade," representing meaningful long-term upside beyond the core Starlink business.

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