SpaceX: A deeper dive into the valuation metrics
Key takeaways
- Dan Ives and his team frame Space X as three vertically integrated businesses: Starlink connectivity, Starship launch, and an AI segment built around Colossus compute clusters and the Grok model.
- Starlink is doing the heavy lifting on profitability, with roughly 12 million subscribers as of June 5 and average revenue per user of about $66 across its enterprise and consumer base.
- The analysts point to SpaceX's roughly $86bn IPO haul, about a fifth of which is earmarked for AI infrastructure, as sufficient funding for the near term while the company works through its debt.
Space X: A deeper dive into the valuation metrics Proactive Wed, July 1, 2026 at 10:04 PM GMT+7 2 min read SPCX Wedbush has initiated coverage of Space X Corp (NASDAQ:SPCX) with an 'outperform' rating and a $190 price target, implying 16% upside from Tuesday's close of $163.33, arguing the company is becoming a hyperscaler in its own right rather than just a rocket company.
Dan Ives and his team frame Space X as three vertically integrated businesses: Starlink connectivity, Starship launch, and an AI segment built around Colossus compute clusters and the Grok model.
Starlink is doing the heavy lifting on profitability, with roughly 12 million subscribers as of June 5 and average revenue per user of about $66 across its enterprise and consumer base. Wedbush estimates SpaceX still holds less than 1% of the global telecom and broadband market, leaving what it calls "early innings" of penetration.